I am calculating 'reasonable' allowable expenses for my UK tax return in good faith, but the advice from HRMC seems limited (someone on this forum referred me to HMRC 'internal' guidance on this issue, which suggests there isn't much in the way of guidance for taxpayers!)
Online advice from accountancy experts seems highly contradictory, in terms of what is allowed and your method of calculation.
It's likely that my figure might not amount to much more than the £1k trading allowance. Maybe £1.2k-£1.5k at most.
What if HMRC queried it, declared that I had overestimated and said I could only claim, say, £500? Presumably I cannot then revert to the trading allowance retrospectively... Is it therefore wise to go with the trading allowance and save myself a load of hassle and maybe even cash?
To be clear, I intend to be honest and reasonable with my numbers, but there is so much room for interpretation.
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