Rules PTX

Question 1

Free meals

Answer 1

exempt

Question 2

Pension advice

Answer 2

exempt up to £500

Question 3

If it says X deducted accountancy fees from TTP

Answer 3

do not include

Question 4

If it says X deducted Class 2 NIC from TTP

Answer 4

include

Question 5

If it says X deducted Irrecoverable VAT from TTP

Answer 5

Do not include

Question 6

interest from ISA

Answer 6

exempt

Question 7

If it says X deducted bad debt from TTP

Answer 7

bad debt is trading expense therefore should be removed from trading income.

Question 8

If it says X deducted parking fines from TTP

Answer 8

do not include as on business activity

Question 9

If it says X deducted entertaining client from TTP

Answer 9

include

Question 10

If it says X deducted charity from TTP

Answer 10

do not include

Question 11

phone/bike

Answer 11

exempt

Question 12

if it says unsure of treatment regarding parking fine

Answer 12

exempt

Question 13

if it says unsure of treatment regarding gift aid charity

Answer 13

exempt

Question 14

if it says unsure of treatment regarding overdraft interest on business account

Answer 14

subtract from working

Question 15

if it says unsure of treatment regarding fees in debt collection

Answer 15

subtract from working

Question 16

NSI account

Answer 16

include

Question 17

gift from client

Answer 17

if less than £250= exempt

Question 18

eye test

Answer 18

exempt

Question 19

If it says X deducted cost of gift from TTP

Answer 19

if less than £250= exempt

Question 20

If it says X deducted redecorating fee from TTP

Answer 20

exempt

Question 21

If it says X deducted donation to political party from TTP (250)

Answer 21

include

Question 22

If it says X deducted legal fees of £800 from TTP

Answer 22

include if related to capital, acquisition and disposal. if related to trade it is allowable expense