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Trading Profit

Forums › ACCA Forums › ACCA TX Taxation Forums › Trading Profit

  • This topic has 0 replies, 1 voice, and was last updated 11 years ago by M.Khan.
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  • October 7, 2013 at 10:29 pm #142231
    M.Khan
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    • Topics: 8
    • Replies: 9
    • ☆

    Hello

    A question asks to calculate the trading income of a business. Under expenses it has Heat and light, would this be deductible or not.

    My understanding is, if an expense is deductible it should be wholly and exclusively for the purpose of the trade. Since heat and light are necessary in any business it should therefore be deductible? is this the correct.

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