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Carry forward unused personal allowance on INCOME, not Pension, for self assessment tax return?
FocussedAnna
Posts: 2
Newbie
in Cutting tax
Hi
If selfemployed business income profit (after expenses deducted) is less than personal allowance of £12,570, can the remainder of the allowance be transferred/carried forward to the next financial year? (eg. added on to the next year's £12,570)
Thanks
If selfemployed business income profit (after expenses deducted) is less than personal allowance of £12,570, can the remainder of the allowance be transferred/carried forward to the next financial year? (eg. added on to the next year's £12,570)
Thanks
0
Comments
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No1
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Nope, resets each year.1
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No, but if you are married you will be eligible for Marriage Allowance. This is of no benefit to you but could save your spouse £252 in tax.FocussedAnna said:Hi
If selfemployed business income profit (after expenses deducted) is less than personal allowance of £12,570, can the remainder of the allowance be transferred/carried forward to the next financial year? (eg. added on to the next year's £12,570)
Thanks1
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