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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
28 Mar 2024
Up to eight million UK jobs are at risk from the rise of artificial intelligence (AI), according to a report by the Institute for Public Policy Research (IPPR).
26 Mar 2024
A look at the new rates and what to do to make sure you comply.
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