Tax Rates and Allowances 2022
Trade Allowance
Capital Allowances - Plant & Machinery ⭢
Employee's Statutory Payments ⭢
Income Tax Rates - Across the UK ⭢
Individual Savings Account (ISA) ⭢
Land and Buildings Transaction Tax ⭢
Mileage Allowance Payments (MAPs) for Employees ⭢
National Insurance Contributions (NIC) - Rates and Allowances ⭢
Pensions Automatic Enrolment ⭢
Pensions - Tax Relief on Pension Contributions ⭢
Trade Allowance ⭢
Vehicle Excise Duty (VED) - Passenger Cars ⭢
- A Trade Allowance is available to individuals.
- There is an equivalent rule for certain miscellaneous income. This will apply to the extent that the £1,000 trading allowance is not used against trading income.
- The trade allowance is not available against partnership income.
| Income up to £1,000 | Profits assessable NIL |
| Income over £1,000 | Election to deduct £1,000 allowance rather than the actual expenses |