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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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James Sinclair
James Sinclair
CEO, Partyman Group
John is my accountant. He's great. He cares! Do you need an accountant who gets entrepreneurs? If so, check out Pocknells; they get a 5-star recommendation from me!
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Will Polston
Business Coach and Performance Strategist
We have had an amazing experience with Pocknells over the years. Their proactive approach is unmatched and the customer experience is truly exceptional.
Dave Walker
Dave Walker
Operations Director, Swift Exchange
Stuart and his team continue to do an amazing job for my business. I would recommend them without hesitation. They are navigating us through a complicated world very smoothly!
Matthew Baldock
Matthew Baldock
Director, Charles David Casson
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