{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

Self-employed Flashcards

(4 cards)

1
Q

Disallowable / allowable items

Withdrawal of funds (appropriations)

A

Disallowed: interest payable to owner, salary for a sole trader/partner, private portion of expenditure, excessive salary payments to sole trader’s family

Allowable: interest on business overdraft, business expenses, salary at market rate

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2
Q

Disallowable / allowable items

Capital expenditure

A

Disallowed: depreciation, loss on sale of NCA, amortisation of lease, improvements, cost of initial repairs to make an asset usable, fees associated with capital/purchases

Allowable: Capital allowance instead of depreciation, repairs

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3
Q

Disallowable / allowable items

Entertaining and gifts

A

Disallowed: entertaining suppliers, gifts (food, drink, tobacco are never allowed)

Allowable: entertaining staff, gifts which aren’t food/drink/tobacco, gifts of business samples to advertise to public

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4
Q

Goods taken for own use (what value is the person taxed on)

A

Taxed on selling price

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