Other UK income 34 - Total amount of allowable expenses

Allowable expenses are those which:

• had to be spent solely to earn the income
• were not spent for private or personal reasons
• were not spent on capital items, such as a computer

If the expenses exceed the income the result is a loss, which can be carried forward to a subsequent year. Some losses may be set against other types of income you may have included in 'Other taxable income, before tax and expenses taken off'.

For more information about setting off these losses, follow link Help Sheet 325 - Other taxable income explains the rules about setting off these losses.

If you use your £1,000 trading income allowance against your miscellaneous income or self-employment income, do not include any amounts you had to spend to earn this miscellaneous income in this field.

Make a note in ‘Description of other taxable income deemed income or benefits’ of the amount of trading income allowance claimed against your miscellaneous income.