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Post Info TOPIC: Pre Start-Up costs...Fuel
DH38


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Pre Start-Up costs...Fuel
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Good morning,

If a business isn't officially started until October, can fuel costs of preparing: purchasing stock/Picking up leaflets etc from earlier in the year be allowed?

The van used is solely for the business as is the stock purchased.

Thank you in advance



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MarkS


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Yes.  Wholly and exclusively for the purposes of business so can be claimed. 

Assume that the van is owned by the business and all the motor costs go through.

Regards

Mark



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
DH38


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Thank you! I wasn't sure with all the transactions being recorded before the official start up date.
There are a few large ones but as you say the trips are wholly and exclusively for the purpose of the business.
Thanks again, looks like i'm sifting through to find the fuel receipts now :-/

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MarkS


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Although they havent started selling anything the costs are incurred in the adventure of trade and therefore are allowed to be claimed for.  ie if you have to travel to buy your stock it wouldnt be fair not to claim this as you have to have the stock in the first place before you can sell.

Regards

Mark



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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