Backdate Trading Allowance

InhaleMood

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

Jeremy535897

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.

Nearlyold

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 HMRC