What are the trading and property allowances? Who can claim them? What are the restrictions?

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I know there is a requirement for all self-employed businesses to prepare income and expenses or profit and loss accounts.

Assuming you claim the £1000 trading allowance is the requirement to prepare an I&E or P&L for approval omitted?

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There is no requirement to prepare accounts, as such, however you need to be able to record your income and expenses so that you can report your profit for the accounting period, for tax. Claiming the £1,000 allowance is effectively an...

There is no requirement to prepare accounts, as such, however you need to be able to record your income and expenses so that you can report your profit for the accounting period, for tax. Claiming the £1,000 allowance is effectively an alternative to claiming and keeping a record of expenses, so if your income is more than £1,000 and know that your expenses are less then £1,000 you could just keep very simple records and your accounts for tax would just show income of £x and then the claim for the allowance. Conversely if you are just making a few sales and your profit is less than £1,000, you should keep a record of both income and expenses but you won't need to report any detail if you simply claim the allowances instead.

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