Post Cessation Loan Interest Expense
Ronnie
Registered Posts: 20 New contributor 🐸
Is the continued payment of interest on a loan taken out to purchase a business (by a husband and wife partnership) classed as a post-cessation expense? The florist business ceased to trade in March 2010.
I would like to reclaim the future interest paid against the husband's annual employment income each tax year until repayment of the loan in 2016. Or estimate the remaining interest and allocate as an accrual with the 2009/10 accounts.
I would like to reclaim the future interest paid against the husband's annual employment income each tax year until repayment of the loan in 2016. Or estimate the remaining interest and allocate as an accrual with the 2009/10 accounts.
0
Comments
-
After more research, possibly the outstanding loan interest could be relieved under "Qualifying Loan Interest Payable in the Year" on form SA 101 Box 5, for each of the remaining tax years.
Any comments?0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 319 NEW! Qualifications 2022
- 157 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 92 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 274 Tax
- 136 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership