Cash basis for small businesses – ACCA Taxation (TX-UK) Exam FA2019
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Would business mileage not be an allowable expense regardless? Could you not claim capital allowances aswell as business mileage rather than one or the other?
I THOUGHT CASH BASIS IGNORES PAYABLE AND RECEIVABLES …WHY WAS DEDUCTED AGAIN
@dapo11 It is because payables and receivables involve cash, they are cash outflows and inflows respectively. Think of it in terms of the statement of cash flows, and apply the basic concepts of cash flow items, in relation to tax, as regards the topic presented in this particular lecture.