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“Richard lives in an apartment which is situated above the restaurant , and one-fifth of the total property expense of £16200 relate to this apartment. repair : decorating the apartment £1320. The property was in a usable state when it was purchased. ”
I just wonder why this repair cost should be added? In my view, it is included in legal fees of renewing a short lease, thus we should not adjust it any more, I am confused about it.::>_<::Decorating the apartment has got NOTHING to do with legal expenses! If an expense is incurred in relation to the privately used apartment then it is not a trading expense and will be added back in the adjustment of profits.
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