This page covers tax issues when you decide to stop trading as a sole trader or partner in a trading partnership. 

The trading allowance is available to those with trading and/or miscellaneous income. The allowance is sometimes also known as the trading and miscellaneous income allowance, or hobby allowance. On this page, we look at when you are entitled to the trading allowance and how it is applied.

Being self-employed or being a partner in a partnership means that you run the risk of making a loss. This page explains the various ways you may get tax relief for a trading loss. This can mean that you get a reduction in your tax bill or perhaps get a tax refund. 

On this page, we explain what capital allowances are for the self-employed and how to claim them. Remember that if you use the cash basis of accounting, which is the default method for preparing accounts from the 2024/25 tax year onwards, you cannot claim capital allowances except on the purchase ...

When you are self-employed, you will usually have to pay expenses that relate to your business. On this page, we discuss which business expenses are allowable for tax purposes. When we say business expenses are ‘allowable’ this means that the tax rules allow the particular expense to be deducted ...

On this page, we discuss expenses you might incur before you start trading and how you can claim tax relief for them.