Having a bit of a moment - I have incurred expenses before trading (they are legit) - I understand that you treat them as day 1 expenses but how do you account for them ?
Its as if they were purchased on that day rather than when they were really purchased.
I don't understand as you already know the answer to the question in your question?
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I was having a problem with the fact that there is no money in the bank account - so how to account for them ? (so I will just drip feed them through and take the money as and when - I guess) or is there another way ?
You treat it as a loan to the business. If you are limited it goes to the DLA. If you are self employed treat it as capital introduced.
In either instance you can take the money back when the business has it to give back.
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
