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From 6 April 2017 individuals have benefitted from two new annual tax allowances of £1,000, the 'Trading and Property Allowances'.

There is one allowance for trading or miscellaneous income, and one for property income.

Key features

Trading allowance

Property allowance

Links to our useful guides:

Allowances: Trading and Property
What are the trading and property allowances? Who can claim them? What are the restrictions?

Adviser guide: Property profits and losses
This guide should be read with our Property profit & losses tax toolkits: 

Flat (fixed) rate expenses or actual cost toolkit
What types of expenses can I use fixed rate expense deductions for? Which is better, fixed rate deductions or actual cost?