From 6 April 2017, there will be two new allowances worth £1,000 each to cover small trading profits and income from property, respectively.
The aim of these allowances is to allow people to earn relatively small amounts for occasional jobs or letting property without having to worry about submitting a tax return or paying tax on that income. It is not yet clear how these allowances will interact with rent-a-room relief which provides a £7,500 allowance in 2016-17 for income from letting part of your own home as residential accommodation.
