Advice Please...

M

mkelectronics

The business i own is one that i bought off someone else on my credit card about 3 or 4 months before i officially started trading.

Is it possible that this can be classed as a 'business expense' even though i started trading so long after the payment?

Also, to open up the business account i have with abbey, i had to pay £50 (or rather my girlfriend did!) to open the account.
Can this be relcaimed too, and if so, how?

I have other questions too, but best to start a new thread for those when i have time.

thanks for the help.
 

Kent Accountant

Free Member
May 30, 2006
1,957
160
Not sure exactly what you mean. Do you mean you formed a limited company and paid a company formation agent on your credit card or was it an existing business which was sold to you and you paid for the stock goodwill etc on your credit card?

The loan from your girl friend to open the account is a loan and not tax deductible.
 
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