Quote:
Originally Posted by Pandemos
It's not odd, it's standard. You're taxed on the profits derived from sales regardless of how you received the money.
What I'm saying is that if the money in your ePass account is lost that itself constitutes a loss to the business, reducing taxable profits.
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Not if they was using the account as a personal bank account not a business account.
It is the same as having money in paypal and paypal going bust, unless its just a business account for receiving business payments, then it is a personal account and if it went bust it wouldn't be tax deductible.
In the same way if your British bank RBS went bust you could not claim the tax back on your business for money lost in your personal account