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Budget 2016: The proposals in detail – tax savings for micro businesses

From April 2017, the government will introduce new allowances for the first £1,000 of trading income and the first £1,000 of property income.

If you have income below this level will you no longer need to declare or pay income tax on that income.

Individuals with income above the allowance will also benefit by deducting the relevant allowance from their gross income.

This appears to be aimed at people starting small businesses on eBay!

Andy Scott

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