From 6 April 2017, there are two new tax allowances for individuals: £1,000 for trading income and £1,000 for rental income. These allow people who trade to a very small extent or receive small amounts of rent to receive that income free of tax and not worry about declaring it on a tax return.
The property income allowance applies to income which doesn’t qualify for rent-a-room relief, such as letting a driveway or garage. Where a furnished room is let in the taxpayer’s own home, the rent-a-room relief of £7,500 per year should be claimed instead.
Where the income exceeds £1,000, you can choose to deduct the allowance and declare the net income, ignoring any expenses. This method doesn’t allow you to claim a loss from the trade or property letting. Or you can deduct all allowable expenses and declare the net profit or loss.
Restrictions apply where the income is generated by a partnership or from transactions between a company and its employees. This prevents extraction of further tax-free income from your own company.
The income covered by these allowances is free of tax, but it must be declared for universal credit purposes.
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