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Post Info TOPIC: Purchases made before tax year
Sammy76


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Purchases made before tax year
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My client set up his business this year (2014) but, knowing he would be going alone at some point in 2014, purchased a laptop and some other equipment ready for the new business, before April. The invoices are in his name rather than the business name, although he is a sole trader trading as. Can he, personally, invoice the business for these items as if he has sold them to the company, and date them as 01/04/14 so he can keep everything neat for the first tax year.



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MarkS


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Can just be brought in as pre trading expenditure as incurred on the first day of trading.  Wouldnt bother with issuing invoices as given he is a sole trader there is no legal distinct between him as an individual and the business.  Ideally you want to expense the expenditure if justifiable as you would only get CAs at the appropriate rate rather than 100% AIA.



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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.
Sammy76


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It was only two items and they are definitely not for personal use. He does first aid training and they are training aids.

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