A client has a limited company trading as management consultants. A yacht was purchased through the company to charter out however due to it not having the necessary certification it has yet to generate any income. Is it correct to not claim capital allowances until it becomes available to charter out?
Also what is the position regarding any revenue expenses such as mooring/insurance/loan interest? Should they be posted to a current assets account rather than being written off to the P + L account?
Any help is appreciated.