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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
We are looking for an experienced Audit Senior to join our expanding audit department to assist with managing a diverse and rewarding client portfolio. A qualified/semi-qualified accountant you will work along side the audit manager and partners in managing and delivering audits, and also benefit from ongoing support and development.
Many will be aware of the pending changes from 6 April. Broadly the Chancellor announced a 1.2% increase to 15% and a reduction in the salary threshold from £9,100 to £5,000. At the same time the employer Annual Allowance will also change.
This may mean that some employers might be due to pay payroll taxes for the first time. With this comes questions and also planning opportunities as to what is the most tax efficient strategy, particularly for company directors.
For guidance and advice on this please get in touch.