will be speaking to very few people here. I know that. But for those very few this is gold dust!
If you have no expenses, or very low expenses, you can use the Property Allowance to lower your taxable profit to a lower figure than with normal full expensing.
How does it work? Well, in short if your expenses are less than £1,000 you can ignore them and simply claim the property allowance instead.
So if you have property income, no mortgage and have a light repairs year you might only have say a gas check and your insurance. These could very well be less than £1,000. If so just pop the property allowance in instead of your actual expenses.
Note the word “instead”. This is not as well.
You’ll also see that there is another allowance called the trading allowance. If you are also self employed you can use that in the same way.