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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
10 Jun 2025
The Financial Conduct Authority (FCA) joined forces with nine international regulators for a week of action to combat the risks of finfluencers on social media.
09 Jun 2025
High energy bills in the UK are an 'anchor' on private sector ambitions, according to Rain Newton-Smith, CEO of the Confederation of British Industry (CBI).
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Our summary of the key announcements from the Chancellor's latest Budget .
Read about the budget