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
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Hardwick & Morris LLP
020 7268 0100
[email protected]
41 Great Portland Street, London W1W 7LA
Registration No. OC347940

Registered to carry out audit work in the UK by the Institute of Chartered Accountants in England & Wales.  Details of our audit registration can be viewed at www.auditregister.org.uk under reference number C002487792.  Hardwick & Morris LLP is a limited liability partnership in England and Wales with the registered number OC347940.  Registered office address is 41 Great Portland Street, London, W1W 7LA.  A list of members is available from the Registered Office upon request.