Property and trade allowances

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 NIL

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


Home | Contact us | Accessibility | Disclaimer | Privacy Statement | Help | Site map |
© 2021 Sproull & Co Ltd. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Sproull & Co. is the trading name of Sproull & Co. Limited, a limited company registered in England and Wales with registration number 7996772, whose registered office is at Sproull & Co Ltd, First Floor, Jebsen House, 53-61 High Street, Ruislip, Middlesex HA4 7BD
Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales. VAT Registration number 222922681