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Posted Wed, 27 Sep 2023 09:12:16 GMT by Mauree n Treadwell
Can you advise whether a person who owns let properties can also claim a trading allowance for an entirely unconnected hobby business? I thought not, but it seems that HMRC treats rental businesses as slightly different from both investment income and trading income so I am not 100% certain. Many thanks
Posted Wed, 04 Oct 2023 11:26:23 GMT by HMRC Admin 25
Hi Mauree n Treadwell,
Thank You for your question.
You can get £1000 each tax year in tax free allowances for property or trading income.
If you have both types of income, you get a £1000 allowance for each
Tax-free allowances on property and trading income
Thank you. 
 

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