Trading Income

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October 6, 2019 at 3:39 pm #548226

adarsh1997
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Hello,

-“Accountancy fees for preparing accounts”

1. Could you explain how the expense should not be added back to the trading profit of a sole trader’
– As a general principal, where an expenditure is incurred for the purpose of trade, the expenditure is allowable. So how the accountancy fees is related to trade?

Thanks

October 8, 2019 at 1:04 am #548317

Tax Tutor
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This is a business expense like any other admin expense – if the fees were for preparing the personal tax computation of the individual then they would disallowed
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