Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types 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:
06/09/2024 - More...
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 - PAYE and NIC
05/09/2024 - More...
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time.
05/09/2024 - More...
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return
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