Tax Tip: Repairs, Renewals, and Replacing the Entirety of the Asset
Repairing the fixed assets of a business will generally be a tax-allowable business expense, but improving an asset will not. Repairs are revenue expenses, and allowable against income, but improvements are capital expenditure, and not allowable against income (although they may be deducted from the capital gain on disposal for CGT purposes). The problems arise … Continue reading Tax Tip: Repairs, Renewals, and Replacing the Entirety of the Asset
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