You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
Logon - Register
Call 0161 366 6535 - email admin@amhaccounts.com
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
13 Jun 2025
Following the 2025 Spending Review, experts have warned that Chancellor Rachel Reeves will have to raise taxes in the Autumn Budget to fill a shortfall of up to £23 billion.
12 Jun 2025
The UK economy contracted by 0.3% in April as tax increases kicked in and exporters faced uncertainty over US trade tariffs.