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UK Tax Services
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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