TaxSimba — Trading Allowance £1,000: Do I Still Need to Tell HMRC?
Preparation worksheet

Optional offline planning aid, not a tax return or filing confirmation.
Keep completed notes securely; never include passwords or one-time codes.

WORK THROUGH THIS EXAMPLE
For an eligible trade with £1,600 receipts, compare the trading allowance with supported actual expenses. Keep the two calculations separate. Do not subtract both methods from the same income or assume the allowance is always the better choice.

DECISION TO RESOLVE
Which permitted method gives the appropriate result for this trade and year?

YOUR POSITION
Relevant year and source: ____________________
Evidence supporting your answer: ____________________
Missing item and who will obtain it: ____________________
Deadline or next review date: ____________________

1. Total eligible gross trading receipts.
Notes: ______________________________

2. Check excluded sources or connected-party circumstances.
Notes: ______________________________

3. Calculate actual allowable costs separately.
Notes: ______________________________

4. Compare allowance and actual-cost outcomes.
Notes: ______________________________

5. Record registration, benefit or loss-relief reasons requiring a return.
Notes: ______________________________

Actions agreed and responsible person:
____________________________________

Guide: https://taxsimba.co.uk/blogs/trading-allowance-1000-hmrc
Check the current guide and official sources before relying on a deadline or process.