Which of the following items of expenditure would be allowed when computing trading profits? (a) the salary
Question:
Which of the following items of expenditure would be allowed when computing trading profits?
(a) the salary paid to a sole trader's wife
(b) a Gift Aid donation
(c) a new machine bought for use by an engineering business
(d) diaries costing £3 each given to customers
(e) the cost of the annual staff outing to Blackpool
(f) the black suit worn at work by a self-employed undertaker
(g) the legal costs of acquiring new freehold premises
(h) a subscription to the local chamber of commerce
(i) cases of wine costing £49.99 each given to customers at Christmas
(j) the legal costs of suing a trade debtor for non-payment.
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When calculating trading profits you would allow for expenditures that are wholly and exclusively for the purposes of the trade Lets go through each o...View the full answer
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