Hi
Thank you for your reply.
Reg 38(6) states :
A deduction shall be made under paragraph (3)(a) or (4) in respect of the repayment of capital on any loan used for—
(a) the replacement in the course of business of equipment or machinery; and
my confusion is where a business loan is not used for replacing business equipment , would this expenditure be allowable.?
ie using the example of the hairdresser , if they used :
- takings from the business
- used personal savings
as Scissors,blades, hairdryers ,clippers are not day to day running costs like shampoo,gel,conditoners etc then im not sure that it would be an allowable expense ?
