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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
23 Oct 2025
Chancellor Rachel Reeves recently announced a 'blitz on business bureaucracy', with cuts to red tape that the government says will save firms £6 billion.
22 Oct 2025
Data published by the Office for National Statistics (ONS) has revealed that the rate of inflation held steady at 3.8% in the year to September.
21 Oct 2025
The government has named and shamed nearly 500 employers who failed to pay the National Minimum Wage (NMW).