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

About

Whether advising individuals, owner-managed businesses, listed companies, or international entities, we work closely with our clients, as partners, with the same aim: to help them achieve their goals.

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Get in Touch

SRLV LLP
4th Floor Elsley Court
20-22 Great Titchfield Street
London
W1W 8BE

Phone: +44 (0)20 7079 8888
Fax: +44 (0)20 7079 8889
Email: hello@srlv.co.uk

A founder member of Premier International

Founder & Member of Premier International Associates

SRLV LLP and SRLV Audit Limited are each 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.  Legal

SRLV Audit Limited is 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.   Legal