PTC - Credit Cards & Expenses
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Hi<BR><BR>I'd be grateful for any simple explanation of the rules relating to company credit cards, business expenses incurred (travelling, petrol, accommodation etc.) and how they are calculated in the assessable income.<BR><BR>I've got the Osborne Book but can't seem to get my head around it. I'm sitting the exam in December and we haven't even started Capital Gains Tax yet!!! Already think I'd better start planning my re-sit!<BR><BR>Thanks<BR><BR>Vicky
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PTC - Credit Cards & Expenses
Hi Vicky<BR><BR>I know the feeling we have done very little too and to learn it all in such a small space of time plus the PCR!! <BR>I do question this AAT course structure sometimes. I have the Osbourne book too, have been doing it today. It is all there if you read it but remembering it is the thing!!<BR>Good luck, I will need a miracle not luck!!<BR>Anne0 -
PTC - Credit Cards & Expenses
Ask yourself is it wholly, necessarily and exclusively in the course of the business? If it is then fine, if not then not. If away on business then hotel and reasonable food is fine - but weekend away with the Mrs then not. As regards petrol most times the exam question gives you the personal/business split so a quick tap on the calculator will sort that out.<BR><BR>Anything claimed through the business that is private is added onto the profit figure ie £10K profit, £2K disallowable = £12K new profit - did the exam a while ago so cant remember the name.<BR><BR>Hope this helps a bit - PTC is a killer, so much to learn in such a short time... keep heart, keep studying, do the old exams - they are all very similar to each other and hope and pray for a nice examiner!<BR><BR>Claudia<BR>0 -
PTC - Credit Cards & Expenses
Thanks for your help. <BR><BR>I agree with you Anne - I'm hoping for a miracle too!!!<BR><BR>Vicky<BR>0