Business start up purchases

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D

DMS

  • #1
    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

    MyAccountantOnline

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  • #2
    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!
     
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    MyAccountantOnline

    MyAccountantOnline

    Business Member
    Sep 24, 2008
    15,260
    10
    3,330
    UK
    myaccountantonline.co.uk
  • #4
    DMS said:
    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
    Click to expand...

    Yes thats fine :)
     
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