Property LLP - tax allowable costs

Property LLP - tax allowable costs

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An LLP which owns a single property and receives rent on that property. It has no other activities or trade.

There are  6 members who live in different parts of the UK and who meet once a year in connection with the LLP and incur travel and subsistence costs in getting to that meeting.

If the LLP reimburses these costs are they allowable as deduction for tax?

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By tonycourt
05th Jun 2014 15:35

Yes - I think so

Assuming that the meeting is for the purpose of the rental business and not an excuse for a family knees-up I can't see any reason why the travel and subsistence costs should not be tax deductible.

 

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