- 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|