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Tel: 01743 453933 | E-mail: admin@jhpca.co.uk
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
Income up to £1,000: Property income assessable NIL
Income over £1,000: Election to deduct £1,000 rather than the actual expenses
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
Income up to £1,000: Profits assessable NIL
Income over £1,000: Election to deduct £1,000 allowance rather than the actual expenses
25 Mar 2026
The UK inflation rate remained at 3% in the year to February, according to the Office for National Statistics (ONS).
24 Mar 2026
Almost 400 employers from across the UK have been named for failing to pay the minimum wage to tens of thousands of workers, says the government.
23 Mar 2026
HMRC has launched a new 'Tax Confident' website which it says will help people fill their tax knowledge gaps.