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Backdate Trading Allowance
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InhaleMood
Posts: 308 Forumite
in Cutting tax
Hi all,
I've just found out about the £1000 Trading Allowance and will be utilising it going forwards.
Is it possible to backdate this to previous years? I don't know if it would make much of a difference but just thought I'd ask.
Thanks
I've just found out about the £1000 Trading Allowance and will be utilising it going forwards.
Is it possible to backdate this to previous years? I don't know if it would make much of a difference but just thought I'd ask.
Thanks
0
Comments
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See: https://www.gov.uk/self-assessment-tax-returns/corrections
Remember that the £1,000 trading allowance is instead of, not additional to, actual expenses, so if you have already deducted expenses, you will have to delete these, and if your actual expenses were £1,000 or more, don't claim the trading allowance.
You may increase the risk of an enquiry by doing this.0 -
How much difference it would make going forward would depend on your total income and what level of expenses you'd otherwise be reporting to HMRC0
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