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That was how I thought it worked. It's a lot clearer on that link you sent, cheers.
I presume there's a way for me to carry the losses I made last year (buying things like a frame jig) into this year when I do this years return. Hopefully that'll become clear once I start doing it.
M_V-
I presume there's a way for me to carry the losses I made last year (buying things like a frame jig) into this year when I do this years return.
You should be able to "sell" the tools of the trade which you own in person to your sole-trading self. You need to record that transaction at a price which you can defend at audit, so in practice whatever you reasonably think you could sell it for to an unrelated party. As a small sole trader, you can expense most durable things other than motor vehicles rather than booking them as assets on a balance sheet.
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Also look at Pre-trading expenses, I think that may cover it
gbj_tester
dt
It's £1000 gross. So you'll need to do a tax return.
It's too do with the trading allowance
https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade