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Search results: 7 article(s) found in topic: Expenses - keyword: Pre-trading

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A better way to claim for pre-trading expenses?

You’re preparing for a new business venture. If all goes well you’ll form a company and start trading. Meanwhile you’re incurring costs for which tax relief will only be allowed if and when the business starts. Is there a more efficient way to claim relief? More...


Pre-start up expenses - are they tax deductible?

One of our subscribers has decided to turn her hobby into a business which she’ll run though a company. She bought stock, equipment etc. for her hobby which will now be used for the business instead. Can it claim tax deductions for these costs? More...


Directors’ start-up costs - how to claim them?

You paid expenses personally to get your company up and running. You don’t expect it to be able to repay these or give you a salary for some time yet. Can you claim a tax deduction for the start-up costs? More...


Selling a pre-registration asset - don’t overdo the VAT

When you registered for VAT you reclaimed all the VAT you could for goods and services you bought prior to registration. However, you’re about to sell an asset for which you weren’t entitled to reclaim VAT. Should you add it to the sale price? More...


How soon can you claim a tax deduction?

HMRC is disputing the tax deduction claimed by your company for costs it incurred on training employees for a new business venture. Your accountant is adamant they are tax deductible. Who’s right? More...


Pre-trading expenses - don’t forget to elect

Your accountant has prepared your company’s first tax return. It excludes tax deductions for loan interest paid before the business commenced. She says it can only be claimed against income for later years, if at all. Is this correct? More...


Business set-up costs - what can and can’t be claimed?

Virtually all businesses incur costs before they start trading. Special rules determine when and if they are tax deductible. For example, could your business get a deduction for paying you a salary before it starts to generate income? More...
Last updated: 03.07.2020

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