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

Try a site search Tax return, dividends, pension, autumn statement...

SagexeroSage
Company details

01243 776938

James Todd & Co, 1&2 The Barn, Oldwick, West Stoke Road, Chichester PO18 9AA
James Todd & Co, 16 Northgate, Chichester, West Sussex PO19 1BJ
Copyright

© 2020 James Todd & Co. All rights reserved.

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


James Todd & Co is the trading name of James Todd & Co Limited. Chartered Accountants and Registered Auditors. Registered No: 07350649 in England. VAT No. 322087875. ICAEW Firm Reference No: C002730145 and James Todd & Co (Lewes) Ltd (formerly known as Axtons). Chartered Accountants. Registered No: 11214467 in England. VAT No. 290460506. ICAEW Firm Reference No: C005791297

Registered to carry out audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at www.auditregister.org.uk

Details of our Designated Professional Body (DPB) activities can be viewed at register.fca.org.uk. A member of the ICAEW Practice Assurance Scheme.