Simple duality question
Happy Sunday Night Everyone
So, I've read the relevant sections of the BIM in regards to duality along with reading other publications.
On the one hand I am told that where an expenditure has a dual purpose of a business and personal use the whole expense is disallowed.
Then I read that where you can apportion the percentage between business and private the business part is allowable.
1. Is it the case that the apportionment is only applicable to a limited amount of scenarios or is it simply the case that where duality exists that's the end of the matter in all scenarios?
2. Assuming apportionment is allowable, how exactly do you justify the percentage beyond sticking your finger in your mouth and then holding it to the wind? Obviously some thought has to go into it but from what I have read it's not exactly an exact science.
Many thanks in advanced for any response. I just love learning more about tax and this forum is very helpful.
- transactions after account have been closed 84 3
- The stupidity continues 423 17
- CIS. Why is it so complicated? 2,312 25
- New Employers Helpline 180 4
- Limited company director - other earnings in the tax year 161 3
- Software recommendations 241 1
- Share transfer question 357 17
- Land Rover Discovery 3.0 SDV6 255 Comm Auto 2 seat 294 7
- qualifying for 1/9th tax credit on foreign dividend 156 2
- HMRC & daft penalty 2,406 19
- Overlap relief 750 19
- What is IRIS World like? 348 8
- Pension contributions 366 10
- Offsetting CT losses against another company 147 4
- Do you have to declare business expenditure on a personal credit card on your P11D? 480 11
- Do you use sign up lists on your website 171 1
- CIMA at the age of 35?? 474 9
- Setting up PAYE scheme without UTR 265 8
- Free project management software with Gantt charts, preferably on-line 206 1
- If you've had any issues posting: Please read this 565 10
- Has anyone been affected by the RBS payment breakdown? 436
- Straight line write off of Purchase Goodwill ??? 431
- WIP Software 293
- FRS 102 compliant illustrative accounts for an insurance company 287
- No payroll scheme in place 231
- CGT, PPR and transfer of equity to spouse. 228
- Do subcontractors on work for residential (student accomodation) construction 205
- Is there anything wrong with this? 196
- Small Part Disposal of Property 181
- Uncommercial property business 176