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Belfast - 02896 932929 | Banbridge - 028 4062 5427 | E-mail: reception@jonespeters.co.uk
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
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.
13 Jun 2025
The UK economy contracted by 0.3% in April as tax increases kicked in and exporters faced uncertainty over US trade tariffs.
12 Jun 2025