Trading Allowance
£1,000 trading and property allowance checker.
Taxable side income
£1,500
Over £1,000 from a source: register for Self Assessment by 5 October after the tax year.
- Trading
- £1,500
- Deduct the £1,000 allowance: taxable £1,500.
- Property
- £0
- No property income.
Trading income against the £1,000 allowance
Rates and rules from Tax-free allowances on property and trading income (HM Revenue & Customs).
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Expert help
Turn your estimate into the right tax decision.
A calculator can model the numbers. Our accountants can check the assumptions, explain the options and handle the return or payroll work for you.
Ask an accountantQuestions
Frequently asked
questions.
Is the £1,000 allowance based on income or profit?
Gross income — what you receive before any costs. £1,500 of sales with £800 of costs is over the limit, even though the profit is £700.
Do I have to use the allowance?
No. If your expenses are more than £1,000 you are better off deducting them, and you can choose a loss that way. You cannot claim both.
When do I need to register?
By 5 October after the end of the tax year in which your gross trading or property income first went over £1,000.
Does rent from a lodger count?
Renting a furnished room in your own home is covered by Rent a Room relief, which gives £7,500 a year tax-free instead.
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