Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both or either type of income highlighted below then you can claim a £1,000 allowance for each.
The £1,000 exemptions from tax apply to:
Where each respective allowance covers all the individual’s relevant income (before expenses) the income is tax-free and does not have to be declared. Taxpayers with higher amounts of income will have the choice when calculating their taxable profits, of deducting the allowance from their receipts, instead of deducting the actual allowable expenses.
You cannot use the allowances in a tax year, if you have any trade or property income from:
You cannot use the property allowance if you:
25/04/2024 - More...
HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in
25/04/2024 - More...
There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors
25/04/2024 - More...
The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
» Sign up for the Newsletter
» Login