Property and trade allowances

Property allowance

A property allowance is available to individuals.

The property allowance will not apply to partnership income or to income on which rent a room relief is given.

Income up to £1,000: Property income assessable NIL

Income over £1,000: Election to deduct £1,000 rather than the actual expenses

Trade allowance

A trade allowance is available to individuals.

There is an equivalent rule for certain miscellaneous income. This will apply to the extent that the £1,000 trading allowance is not used against trading income.

The trade allowance is not available against partnership income.

Income up to £1,000: Profits assessable NIL

Income over £1,000: Election to deduct £1,000 allowance rather than the actual expenses


SEBA award logo Business awards logo Quickbooks logo Receipt Bank logo Xero logo Professional Services Group for Hinkley

Home | Contact us | Credit | Accessibility | Disclaimer | Privacy Policy | Insurance | Help | Site map |

© 2024 Poolbridge Accountancy Ltd. All rights reserved.

Poolbridge Accountancy Ltd, The Forge Enterprise Centre, 3 Church Road, West Huntspill, Somerset TA9 3RN

We use cookies on this website, you can find more information about cookies here.