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justme0316


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Just to be sure...
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Just to clarify....
 
Sole trader under the threshold.
 
AMAP/FML can be claimed. AMAP includes everything from MOT to business insurance.
 
No capital allowances allowable.
 
If AMAP/FML is claimed, no lease nor HP interest can be claimed for tax purposes?
 
If full and true values are to be claimed, then every motor cost related to the business can be claimed? Inc Capital allowances, HP interest, lease cost etc....
 
Assuming all above is exactly the same whether it be car, cycle, van. 
 
 
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Business loan interest is only tax deductible if the business hasn't withdrawn any cash/products for itself to put the business overdrawn as such. As in the entirety of the loan has to stay within the business in some form of asset, else there is a need to apportion the tax deductible amount. 
 
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Thanks 
 
 
 
 
 


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Dee. Student
justme0316


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Also - 

 

If I buy land, bricks, Windows etc to build a house, to immediately sell, is all expenditure be classed as revenue? 

 

And...

 

If a plumber issues an invoice with say, 100 for services, and 50 for materials, which he holds in his stock- would you 

 

Dr bank

cr services with the 100

 

and

 

dr bank

cr sales/stock with the 50

 

thanks 



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justme0316


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Can anyone help me please? 

 

Thanks 



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Dee. Student
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