trading income unincoprorated Flashcards
1
Q
Lease costs for cars greater than 50g/km
A
15% is disallowed therefore 85% allowable. Adjusted for private use
2
Q
Fuel costs on a leased car when actual costs
A
fuel apportioned to business use
3
Q
Loss relief with the earliest claim possible
A
S.72 Loss relief on FIFO basis
4
Q
S.72 limit
A
higher of £50,000 and 25% ANI
5
Q
S.72 after or before personal allowance
A
losses under S.72 deducted before deduction of PA to make use of it
6
Q
Mortgage tax relief in 2023/24
A
20%
7
Q
Loss relief under S.72 is restricted when used against
A
Trading losses incurred on
