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Allowable expenses for the purpose of Trading profits calculation

This topic has 1 reply, 2 voices, and was last updated 4 years ago by Tax Tutor.

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November 28, 2020 at 9:13 am #596811
anarancic
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- Topics: 7
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Dear Tutor,
Is the entertainment of customers and suppliers in general disallowed expense for the purposes of calculating tax adjusted trading profit or is it dependable on whether this entertainment is for overseas (allowed) or UK based/local customers and suppliers (disallowed).
Thank you
Ana
November 30, 2020 at 11:03 am #597111
Tax Tutor
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- Topics: 2
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I think you are confusing 2 separate issues – the adjustment of trading profits where all entertainment of customers are disallowed and the VAT issue of recoverability of input VAT – look at your study notes to confirm rules
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