Hi All
I understand the £1k trading allowance means you can't claim other business expenses but does this also mean one cannot utilize other allowances like use of home office or does the use of trading allowance prevent all other expenses being captured? Does it mean he cannot claim accountant fees either?
I have a friend who has worked 1/3 of the year as employee and the remainder of the year self employed and advised he use the trading allowance as he has so little expenses but wanted to check if he can take advantage of any other allowances available too?
I also wanted to check, once the tax liability is adjusted after tax paid has been deducted, will the first payment be 1.5x the adjusted tax liability or 1.5x the tax liability before accounting for tax paid via PAYE? If that makes sense? For example if an individual paid £1,000 tax in the year as employee then has a tax liability of £2,000 leaving £1,000 due will the first payment be £1,500 (£1k x 1.5) or £3,000 (tax liability pre tax paid)?
Sorry for such basic questions but can't find the answers online.
Many Thanks
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