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01245 322 006 info@shirleysmithco.co.uk
Allowances for individuals.
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
05 Feb 2026
The government must tackle the big issues around trading with the EU this year if it wants to reverse the post-Brexit trade slump, says the British Chambers of Commerce (BCC).
04 Feb 2026
An estimated one million taxpayers missed the self assessment deadline for the 2024/25 tax year, according to HMRC.
03 Feb 2026
The confidence of business leaders in both their own organisations and the wider UK economy rose markedly in January, according to data from the Institute of Directors (IoD).