[H]

For Q1 – for trading income I used the first 4 months and then 8 months from the accounts y/e 30 April 2014. This is because April 13 accounts ends in 13/14 but it is less than 12 months so you need to tax first 12 months of trading.

Q3 – I thought the repairs to the roof was disallowable because the property couldn’t be rented out before doing the repairs so I didn’t deduct from proceeds.

Anyone know when we can view the answers?

[H]

The basic tax point is the goods are made available. If payment is received or invoice issued before this date then that becomes the tax point. If this early payment/invoice rule does not apply, check to see when the invoice was issued. If it was issued within 14 days of the goods being made available, the invoice date is the tax point.

In you example above, since payment was made before the goods were delivered, the payment date is the tax point – 28 March 14.

Hope this helps.

[H]

Short life assets are assets with a useful life of less than 8 years. I assume the first computer in your example for £2,500 was such an asset and the other was not.

[Author]

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