Business Tax

Question 1

Disallowable

Answer 1

Capital expenditure, appropriation of profits, general provisions, non-trade debts, most entertaining and gifts, fines

Question 2

Gifts of Trade sample

Answer 2

advertise to the public - allowable

Question 3

Entertaining staff

Answer 3

Allowable

Question 4

Gifts to customers

Answer 4

less than £50
not food, drink, tabacoo or vouchers
advertising

Question 5

donation to national charities

Answer 5

Disallowable - only local

Question 6

Gift of trading stock

Answer 6

to charities or UK establishments

Question 7

subscriptions

Answer 7

allowable to trade professional associations

Question 8

Loans to employees

Answer 8

disallowable

Question 9

interest on late payment of tax

Answer 9

disallowable

Question 10

Legal and professional fees

Answer 10

if relating to income allowable

Question 11

cost of registration of patent/ copyright

Answer 11

allowable

Question 12

incidental costs of raising long term finance

Answer 12

allowable

Question 13

renewal of short lease, how long is short lease?

Answer 13

allowable

50yrs