Tax Return - Self assessment

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    #16
    It’s the word “generally” that could get you into trouble here...

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      #17
      PIM2005: ITTOIA05/S272 (1) and CTA09/S210 (1) provide that the profits of a property business are to be computed in the same way as the profits of a trade. The trading income rules in Part 2 of ITTOIA05 and Part 3 of CTA09 that apply for the purposes of computing the profits of a rental business are set out in ITTOIA05/S272 (2) and CTA09/S210(2), see PIM1103.

      PIM1103: Similarities and differences

      BIM 47705: Expenditure on meals and accomodation.

      Comment


        #18
        More and more interesting.
        I've always understood that food was never going to pass a wholly and exclusively test.

        But can't argue with the BIM!
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #19
          It takes a lot of digging to find the information because their search facility is rubbish and you keep being redirected and eventually lose track of where you saw it in the first place. I did a lot of reading when the old dispensation system was dropped as I have to prepare P11D's for work.

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            #20
            I think I'll raise it with the accountant who gave me the advice in the first place!

            It doesn't arise for me - I live pretty close to the properties I rent, but it's always good to be better informed.
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

            Comment


              #21
              Originally posted by jpkeates View Post
              I've always understood that food was never going to pass a wholly and exclusively test.
              Me too.

              Thanks very much pebblepebble.

              I note it does say 'reasonable' food and drink expenses, but even so.
              - Lobster and Chablis anyone?

              To think of all those wasted nights kipping on the floor and eating cold baked beans.

              Comment

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