Spring Budget: New £1,000 tax free allowance

There are new allowances for the first £1,000 of trading income and the first £1,000 of property income.

 

Those self-employed people with trading income or property income below the new £1,000 allowance will no longer need to declare or pay income tax on that income. Those with income above the allowance can benefit by simply deducting the relevant allowance from their gross income instead of calculating and deducting their exact expenses.