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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York Office (Registered office) : HPH Accountants LLP, 54 Bootham , York YO30 7XZ
Harrogate Office : HPH Accountants LLP, 13 Hornbeam Square South, Harrogate, North Yorkshire HG2 8NB

Registered in England and Wales, company number: OC376850, trading as HPH.

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