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Hello mam, why is the figure for accountancy balance 0, does that mean that expense in respect of calculating John’s capital gains tax liability is allowable?
You seem to have misread the question – it says 950 is John’s private costs as part of the accountancy in the accounts of 3050.
of this amount – the 950 – 200 is allowable – and 750 is not allowable and needs to be added back as the answer says – so 750 added back – balance 0
Hello Mam,
For this same question, I don’t seem tp understand why the allowable amount for the use of John’s private house and the private telephone calls were captured as not for trading and deducted i the answer.Alright thank you very much I really had misread that statement. Now I understand. Thank you
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