£1000 Trading Allowance

super_reds

Hi

I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k.

TIA

Dazed_and_C0nfused

super_reds said:

Hi

I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k.

TIA

You mean they have business trading in the construction industry?

If so why wouldn't they be able to claim the trading allowance instead of actual expenses?

super_reds

Dazed_and_C0nfused said:

super_reds said:

Hi

I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k.

TIA

You mean they have business trading in the construction industry?

If so why wouldn't they be able to claim the trading allowance instead of actual expenses?

Thanks, yes they're self-employed as a labourer so not a limited company or partnership just themselves. The trading allowance covers this sort of activity?

Dazed_and_C0nfused

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k.

TIA

You mean they have business trading in the construction industry?

If so why wouldn't they be able to claim the trading allowance instead of actual expenses?

Thanks, yes they're self-employed as a labourer so not a limited company or partnership just themselves. The trading allowance covers this sort of activity?

Yes, it's something a sole trader can benefit from.

super_reds

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

I'm helping someone with their Self Assessment tax return. Their only income comes from construction and has CIS deductions. Can they make use of the £1k trading allowance if their expenses are below this level, their income is something like £20k.

TIA

You mean they have business trading in the construction industry?

If so why wouldn't they be able to claim the trading allowance instead of actual expenses?

Thanks, yes they're self-employed as a labourer so not a limited company or partnership just themselves. The trading allowance covers this sort of activity?

Yes, it's something a sole trader can benefit from.

Thanks again, will send you a DM