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Phone: 01242 260066 | Email accountants@mitchells.org
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
17 Sep 2025
UK firms are still under pressure after the annual rate of inflation remained at 3.8% in August, the British Chambers of Commerce (BCC) has warned.
16 Sep 2025
The government has launched a voluntary repayment scheme to allow recipients of financial Covid support to repay outstanding money they were not entitled to or did not need with 'no questions asked'.