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Our sole trader client makes and hires penning equipment to clubs and organisations who hold cat shows. His brother runs an identical business, again as a sole trader, and until a couple of years ago all their equipment was kept in a rented barn. The pens are taken to the show hall, assembled and later dismantled and taken back to the barn.
Our sole trader client makes and hires penning equipment to clubs and organisations who hold cat shows. His brother runs an identical business again as a sole trader and until a couple of years ago all their equipment was kept in a rented barn. The pens are taken to the show hall assembled and later dismantled and taken back to the barn.
Two years ago the brothers fell out and it was agreed that our client's brother would take his share of the equipment and move to new premises further north. When our client visited the barn he found that the equipment that his brother had left would not enable him to fulfil his contracts and he had to spend £12 000 on materials to produce new pens. We treated this as revenue expenditure and explained this in the tax return white space.
In May...
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