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Tel: 01444 257155 E-mail: info@peterlawson.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
12 Dec 2025
HMRC is offering self assessment taxpayers a reminder that help is available to manage their tax bill.
11 Dec 2025
The government recently unveiled a £725 million package aimed at supporting apprenticeships and combating youth unemployment.
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Our summary of the key announcements from the Chancellor's latest Budget .
Read about the budget