Cash / accruals basis Flashcards
1
Q
Cash basis
- what to do with capital expenses
A
deduct - apart from cars, buildings and lands
on sale deemed as receipt
2
Q
Cash basis - can fix rate expenses be claimed?
A
Yes
3
Q
Cash basis
what is the maximum deduction for loan trading interest per 12m
A
£500
4
Q
Cash basis
capital allowance on
A
cars
5
Q
Cash basis
full cost of leasing cars are
A
deductible
6
Q
cash basis
Adjustment for stock taken for personal use
A
just and reasonable amount - cost
7
Q
cash basis
Capital loan repayment
A
not allowed
8
Q
Owner taken goods, if no adjustment made add back
A
sellling price
