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.

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

Coronavirus had far-reaching financial impacts on individuals and businesses across the world. The government provided support for the self-employed in the UK under the self-employment income support scheme (SEISS). The scheme ended in September 2021, but for reference purposes this page covers the ...

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 ...

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