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Legal and professional charges
Allowable if connected with the trade and are not related to capital items
What does this mean
Also is legal fees incurred in connection with the purchase of the property allowable or disallowed and why.Once again these issues are dealt with in the notes and lectures – please refer
I have watched the lectures and worked through the study notes but still don’t understand
It is worrying that you do not know the difference between trading/revenue expenditure incurred and capital expenditure as you should know that from your basic accounting knowledge!
Capital expenditure is on fixed / non current assets of which the most basic example is a property.
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