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Trading Allowance

Term

Tax-free amount that the self-employed can claim. It currently sits at £1,000.

If you earned <£1,000, it’s tax-free, it doesn’t need to be declare or filed in a tax return.

If you earned >£1,000 but expenses are <£1,000, you can claim the full £1,000.

If your expenses are >£1,000 but don’t have receipts, you can claim the £1,000 tax free allowance.

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