Offsetting costs of lost income on improvements
Lindylou
Registered Posts: 9 Regular contributor ⭐
Is it possible to offset the proprietor's lost income for the hours worked on improving a workshop to be used in the sole trader's business, against the tax liability? In other words, the income that would have
been earned if working for a client, being treated as costs of the workshop improvement?
Thanks a lot in advance!!
been earned if working for a client, being treated as costs of the workshop improvement?
Thanks a lot in advance!!
0
Comments
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Simple answer is no0
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Where is the cost? There is no actual cost, other than her time. As groundy says, no.0
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No, because if she were (hypothetically) to create an invoice to herself for the hours then if the cost were to be allowable, there would also be additional sales income to declare!0
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