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0207 632 0300 as@elliottsshah.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
13 Feb 2026
HMRC is urging young people who have yet to claim their Child Trust Fund (CTF) to do so during National Apprenticeship Week.
12 Feb 2026
The UK economy grew by 0.1% in the final quarter of last year, according to the latest figures from the Office for National Statistics (ONS).
11 Feb 2026
The Low Incomes Tax Reform Group (LITRG) is urging the estimated one million taxpayers who failed to file their tax return on time to get their tax affairs back on track.