You can now get up to £1000 each tax year in tax-free allowances for property and trading income.
This will impact individuals such as childminders with small amounts of income from providing goods, services, property or other assets.
If your annual gross trading income is more than £1000 you are now able to choose between deducting the £1000 tax-free property and trading allowances OR using allowable expenses.
These new allowances take effect from the tax year 2017 to 2018.
You can find more information here as well as watch HMRC's latest video on completing a tax return which they have updated since these changes.
Information on the trading allowance is also in the latest version of PACEY’s accounts book.