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

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Thomas Alexander and Company Limited, Registered in England and Wales, Company Number 3958289. Registered office: 590 Green Lanes, Palmers Green, London N13 5RY

Thomas Alexander and Company Limited maintains professional indemnity insurance in accordance with ICAEW requirements. Our insurer is Aqueus Underwriting Ltd, located at 10th Floor, 5 Churchill Place, London, E14 5HU. The policy provides coverage for services performed Worldwide. Further details are available upon request.