Contact Us

The trading allowance was brought in back in April 2017 along with the property allowance, each allowance is £1,000.

If you have both types of income you may be eligible for both allowances, depending on all the facts and how the income is generated.

If you decide to use the allowance then you are not able to claim actual expenses, you are choosing to deduct the allowance rather than the actual costs you have incurred or any other allowances. It might not therefore be beneficial to claim the allowance if you have a considerable amount of expenses that can be deducted.

But one thing to note is that the trading allowance is not available where you are trading as a partnership, the trading income it can be used against is:

  • Self-employment
  • Casual services for things like gardening, baby sitting etc
  • Hiring of personal equipment such as power tools

More information on the allowances and when they can and can’t be used can be found here.

If you would like any advice or assistance in this area please contact us on 0208 393 1204 or use our simple online contact form to arrange a free initial consultation.

Date published 28 Feb 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 80,684 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

0208 393 1204

Or contact us