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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
31 Mar 2026
Small businesses are to be backed by new, stronger measures to tackle late payments, the government has announced.
30 Mar 2026
The government has confirmed it will review approved mileage rates for business users ahead of a future Budget.
27 Mar 2026
HMRC is urging families to sign up for Tax-Free Childcare (TFC) before booking their Easter holiday childcare.