Can I claim for my maintenance time through LAQC?
Question from leanne updated on 28th August 2009:
Our expert Mark Withers responded:
Hi Leanne The answer to your question is..."Yes but". Yes, the cost you invoice the company is likely to be a deductible repair cost to the company but the invoice you have issued the company is also taxable income to you. This is what we call a circular transaction. ie You go round in a circle, create lots of paperwork for yourself and achieve, you guessed it....Nothing!
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.