renting a car park space property income allowance/rent a room

1. I earn less than £7500 from airbnb income, renting out my spare room of the residence I live in. Due to rent a room relief, I believe I pay no tax on this income. 2. I earn over £1000 from renting out a car parking space next to the building of my residence. Do I receive £1000 property income allowance on this income? I.e am i eligible for both allowances?

Hi,

1. You are correct in saying that you would pay no tax on your rental income if it is less than the rent a room relief of £7500.  

2. The income from renting out the car parking space  will be classed a trading income and you can claim £1000 trading allowance against this income.

Thank you.