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What’s the treatment of a Fixed Asset used by the client partially for their personal use and partially for their business? Should we capitalize pro rata amount on purchase and depreciate that amount or should we capitalize the total cost ...Read more
What’s the treatment of a Fixed Asset used by the client partially for their personal use and partially for their business? Should we capitalize pro rata amount on purchase and depreciate that amount or should we capitalize the total cost of asset? Also, what could be it’s tax implication?
Read lessIn this year, he carried out some of his consultancy through XYZ Ltd. He carried out remaining of his consultancy through ABC Ltd. ABC Ltd is a company which he uses only for his consultancy business. For coming year, he ...Read more
In this year, he carried out some of his consultancy through XYZ Ltd. He carried out remaining of his consultancy through ABC Ltd. ABC Ltd is a company which he uses only for his consultancy business. For coming year, he plans to close ABC Ltd and do all the consultancy business through XYZ Ltd. He will also register for VAT (as turnover reaches threshold). Please suggest any disadvantage or advantage of his plan.
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