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 NI

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

Get in touch

If you are in the Lancashire area and are looking for support and advice from a team of professional accountants and business advisers, contact Coates & Co.

Coates & Co

2 Fairhope Avenue

Bare

Morecambe

Lancashire LA4 6JZ


Get In Touch

ICAEW Chartered Accountants

Coates & Co is the trading name of Tony Coates & Co Limited, Registered in England, Registered Number: 6140774

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