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Where Taxpayers and Advisers Meet

Offset expenses incurred in P2P lending etc. against income for self-assessment tax?

Bizman
Posts:36
Joined:Sat Oct 21, 2017 9:18 pm
Offset expenses incurred in P2P lending etc. against income for self-assessment tax?

Postby Bizman » Sat Jan 23, 2021 3:55 pm

I do UK Peer-to-Peer lending and stockmarket trading full-time and they are my exclusive source of income. I don't have a formally set-up business for this.

I'm just doing my self-assessment return and wondering if the costs I incur for P2P lending - they're not much, but things like the cost of buying and repairing a computer etc. - could be treated as expenses and offset against my income for tax purposes?

Or does P2P lending not allow one to claim expenses?

Also, am I technically a 'Sole Trader' or are there other requirements to qualify for that? (I've studied definitions of a Sole Trader in the UK and seem to qualify.)

Cheers.

Bizman
Posts:36
Joined:Sat Oct 21, 2017 9:18 pm

Re: Offset expenses incurred in P2P lending etc. against income for self-assessment tax?

Postby Bizman » Sat Jan 23, 2021 4:52 pm

To be clear, I only invest my own money.


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