Business start up purchases

[DMS]

Hi,

I registered as a sole trader on 1st Feb 2009 but had made a few purchases as far back as December im preparation for starting my business.

Can I still claim these expenses as they were made for my business and I have receipts for all, even though I had not yet started trading?

Many thanks.

DMS

[MyAccountantOnline]

Yes you can - its whats called Pre-trading expenditure, for tax purposes its treated as having been paid on the first day of trading.

Good luck with the new business!

[DMS]

Thanks very much for clearing that up for me.

So, I just date the transactions as on the first trading date with my bookkeeping, rather than back dated?

Thanks again.

DMS

[MyAccountantOnline]

Thanks very much for clearing that up for me.

So, I just date the transactions as on the first trading date with my bookkeeping, rather than back dated?

Thanks again.

DMS

Yes thats fine :)

[DMS]

Thanks so much.