For AAT student members
Advanced Diploma in Accounting
Is Painting classed as Capital or Revenue Expenditure?
Registered, AAT Student
I know it may not be an important question. But I just cannot decide if this is Capital or Revenue Expenditure
What, painting as in decorating? It's generally revenue expenditure, as it doesn't materially improve the building but rather just bring it back to a serviceable state.
Unless it can be proven to be one part of a larger overall renovation and extension project, HMRC will reject a claim to capitalise painting and decorating.
Now, if you were talking about buying A painting as an asset, then that could be a capital expense.
Accounts Executive, ғɪᴀʙ ᴍᴀᴀᴛ
QBO & Xero certified advisor
Level 2 Certificate in Accounting
- 17 Jun 2015
Level 3 Diploma in Accounting
- 22 Jan 2016
Level 4 Diploma in Accounting
- 19 Dec 2017
- 27 Mar 2018
Advanced Diploma in Accounting and Business...
Corporate and Business Law - 4 Jun 2019
Performance Management - 15 July 2019
Taxation (United Kingdom) - 3 Dec 2019
Audit and Assurance - 2 Mar 2020