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

Home | Contact us | Site map | Accessibility | Disclaimer | Help | ICAEW directory |

© 2024 James, Holyoak and Parker. All rights reserved.
James, Holyoak and Parker, 1 Knights Court, Archers Way, Battlefield Enterprise Park, Shrewsbury, Shropshire SY1 3GA


We use cookies on this website, you can find more information about cookies here.
James, Holyoak and Parker are Accountants in Shrewsbury