Carry forward unused personal allowance on INCOME, not Pension, for self assessment tax return?

FocussedAnna

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

TheSpectator

No           

400ixl

Nope, resets each year.

Dazed_and_C0nfused

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)
Thanks

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.