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Tax > Allowable And Disallowable Expenditure > Flashcards

Allowable And Disallowable Expenditure Flashcards

1
Q

Capital expenditure

A

Disallow

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2
Q

Revenue expenditure

A

Allow

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3
Q

Capital allowances

A

Allow

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4
Q

Depreciation

A

Disallow

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5
Q

Donation to local charity

A

Allow

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6
Q

Employee costs

What does this include

A

Allow

Salary, bonus, pension contributions, BIK, employers NIC, redundancy pay, compensation for loss of office

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7
Q

Donations to political parties

A

Disallow

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8
Q

Drawings

A

Disallow

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9
Q

Entertaining (business)

A

Disallow

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10
Q

Fines not incurred by employees while working for business

A

Disallow

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11
Q

Entertaining(employees)

A

Allow

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12
Q

Fines incurred by employees while working for business

A

Allow

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13
Q

Gifts

A

Disallow

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14
Q

What is an allowable gift

A

Bearing a conspicuous advertisement for donor, costing £50 or less per person and not food, drink, tobacco or a token or voucher exchangeable for goods

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15
Q

Legal fees relating to recovery of bad debts

A

Allow

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16
Q

Legal fees relating to renewal of short lease <= 50 years

A

Allow

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17
Q

Legal fees relating to defence of title

A

Allow

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18
Q

Legal fees relating to capital items

A

Disallow

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19
Q

Legal fees relating to trade agreements

A

Allow

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20
Q

Legal fees relating to debt finance

A

Allow

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21
Q

Legal fees relating to acquisition of PPE

A

Disallow

22
Q

Political subscriptions

A

Disallow

23
Q

Trade subscriptions

A

Allow

24
Q

What type of theft is allowed

A

Theft by employee who did not have control over the business

25
Q

Accounting fees re personal taxation

A

Disallow

26
Q

Financial and management accounting and audit fees

A

Allow

27
Q

Pre commencement expenses (up to 7 years)

A

Allow

28
Q

Repairs, renewals and maintenance of property

A

Allow

29
Q

Amortisation of leasehold property

A

Disallow

30
Q

Legal charges relating to purchase of own shares

A

Disallow

31
Q

Professional charges re taxation appeal

A

Disallow

32
Q

Car insurance personal use

A

Disallow

33
Q

Redecorating existing premises which were usable

A

Allow

34
Q

Accounting fees re tax compliance

A

Allow

35
Q

Repairs to new office required to make it usable

A

Disallow

36
Q

Management accounting

A

Allow

37
Q

QCD

A

Disallow

38
Q

Amortisation of a patent used in trade

A

Allow

39
Q

Amortisation of goodwill

A

Disallow

40
Q

Donation to local school

A

Allow

41
Q

Legal fees re employment dispute

A

Allow

42
Q

Employers national insurance

A

Allow

43
Q

Sales refunds

A

Disallow

44
Q

Credit sales

A

Disallow

45
Q

Pension contribution for owner of sole trade

A

Disallow

46
Q

Dinners for staff

A

Allow

47
Q

Furniture for staff and clients to use in shop

A

Disallow

48
Q

Profit on disposal of PPE measured at

A

Proceeds - NBV

49
Q

Disposal of PPE measured at

A

Proceeds limited to original cost

50
Q

Are fuel costs apportioned for private use

A

Yes

Tax (4 decks)

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