There are two £1,000 allowances which may be claimed instread of actual expenses for property and trading income.
These may be claimed from 6 April 2017.
See, Trading and Property Allowances
and you might like our guides to the different accounting systems for the self employed and landlords:
- Which system for me? See Cash or accruals accounting toolkit
- Which expenses for me? See Flat rate expenses or actual cost toolkit
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