- 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 |
Disclaimer
This publication is published for the information of clients. It provides only an overview of the regulations in force at the date of publication and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this publication can be accepted by the authors or the firm.