How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Adam Hunt Your Own Question
Adam Hunt
Adam Hunt, Accountant
Category: Tax
Satisfied Customers: 176
Experience:  FCCA, FFA, FFTA
105330465
Type Your Tax Question Here...
Adam Hunt is online now

I wonder if you would know the answer to this question. I

This answer was rated:

Hi, I wonder if you would know the answer to this question. I had a (very) small, part-time business, until September 2018, when I stopped work and retired. My business year end was on November 30th, 2018. On April 1st, 2019, I gave my partner £1,000 for business use of a van, owned by her. (£100 per month for the 10 business months until the end of September 2018.) (I had used this van in other business years but sadly had not been able to afford to pay her anything. She was kind!) My question: would this amount be considered a business expense? It was outside the end of the business year but within the tax year. Many thanks for any help you can give me! Michael Ward
JA: Have you talked to a tax professional about this?
Customer: No.
JA: Anything else you want the Accountant to know before I connect you?
Customer: I don't think so.

Hi, I am one of the experts. I will come back to you little latter, plz bear with me.

Customer: replied 4 days ago.
Will wait.

Yes this is a matter of late payment only.

Example, Business expenses Dr in the P&L and then CR Loan in the balance sheet at the time of business end date. You have afterwards cleared this loan by Debit Loan and Credit Bank. And also it is the same tax year. So sounds fine if this is the case.

Hope I have answered your question. Please do me one favour that rate me so that I will be grateful.

Adam Hunt and other Tax Specialists are ready to help you
Customer: replied 4 days ago.
Thank you so much, Adam. Sorry it's such a small query. But it's worth five stars to me!

Thank you so much, Michael and you are most welcome.