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Another tax adj trading profit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Another tax adj trading profit

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by yushanshan.
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  • November 14, 2015 at 9:50 am #282285
    yushanshan
    Member
    • Topics: 84
    • Replies: 70
    • ☆☆

    “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.::>_<::

    November 20, 2015 at 5:55 am #284082
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    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.

    November 20, 2015 at 6:56 am #284092
    yushanshan
    Member
    • Topics: 84
    • Replies: 70
    • ☆☆

    Thank you very much.:)

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