"Wholly and exclusively for the purposes of trade" - if I remember correctly?
If he had been learning to drive, instead of learning to fly, would he have claimed that expense through the company?
I'd like to be a fly on the wall at the HMRC interview.
I had 4 failed submissions followed by 4 e-mails confirming successful submissions! Now have to check which is correct.
Counting your chickens...
literally, I used to audit a large egg producer (that's a farm that produces a large number of eggs, not an oversized chicken!). The hens were treated as stock rather than fixed assets - oh the hours of fun discussing that one - so had to count them each year, luckily they were in cages in rows to make things easy, otherwise it would have been no yolk!
To old - never.
Tony S wrote:
I was 31 years old when I first picked up an ACCA study text,
31 - you young pup!
I went to University at 37 and completed a degree in accountancy, followed by ACCA. I qualified at 45 and I am now head of finance at a group of engineering companies with another 10 (at least) productive years ahead of me. With an engineering degree you should breeze ACCA.
As Tony S quite succinctly puts it 'Go for it'!
Best use of your time
It's great that you want to keep your records in a usable format, but my advice to you would be to concentrate your energies on what you're good at.
I don't know your trade - from your posts possibly a plumber or electrician - but when trying to get your business going and growing, it's important that you concentrate on that, leave the mundane accounts work to someone who can do it.
If you cost out your time at say £50 per hour, if you spent more than 10 hours on the accounts for a business with your turnover you would be much better off employing an accountant!
Good luck with your business - concentrate on the core and let others help you to succeed.
In the time it's taken you to write your post and then read all of the replies you could have completed your planning for the next two months which would help you see the wood for the trees!
We all have times when we think we'd be better off elsewhere, but when you get there it's usually the same (or even worse) than where you came from.
Stick at it, no one ever said it would be easy, did they?