Rules PTX Flashcards
Free meals
exempt
Pension advice
exempt up to £500
If it says X deducted accountancy fees from TTP
do not include
If it says X deducted Class 2 NIC from TTP
include
If it says X deducted Irrecoverable VAT from TTP
Do not include
interest from ISA
exempt
If it says X deducted bad debt from TTP
bad debt is trading expense therefore should be removed from trading income.
If it says X deducted parking fines from TTP
do not include as on business activity
If it says X deducted entertaining client from TTP
include
If it says X deducted charity from TTP
do not include
phone/bike
exempt
if it says unsure of treatment regarding parking fine
exempt
if it says unsure of treatment regarding gift aid charity
exempt
if it says unsure of treatment regarding overdraft interest on business account
subtract from working
if it says unsure of treatment regarding fees in debt collection
subtract from working
NSI account
include
gift from client
if less than £250= exempt
eye test
exempt
If it says X deducted cost of gift from TTP
if less than £250= exempt
If it says X deducted redecorating fee from TTP
exempt
If it says X deducted donation to political party from TTP (250)
include
If it says X deducted legal fees of £800 from TTP
include if related to capital, acquisition and disposal. if related to trade it is allowable expense
