Chapter 4 - 2.9 - Other Expenses Flashcards
1
Q
How are fines treated?
A
Fines are generally disallowable, but parking fines incurred by an employee (but not the business owner) whilst on work business are allowable
2
Q
How is interest on borrowings for the purpose of trade treated? (e.g business account overdraft)
A
Allowable
3
Q
How is interest on late paid tax treated?
A
Disallowable
4
Q
How is irrecoverable VAT treated?
A
Allowable, if it relates to allowable expenditure
