Day: October 24, 2024

1. When a business decides to purchase fixed assets, the intention is for it to be used in its operations to generate income/revenue for the long term. As with other type of assets, fixed assets will also suffer ‘wear and tear’ and depreciate over time. This ‘wear and tear’ and depreciation are accounted as depreciation… Continue reading Claiming Capital Allowances for Fixed Assets Bought and Used in Trade or Business