I am helping a friend do her 1st tax return. Her business was registered in December as that's when she opened her shop however she had start up costs such as rent and stock recipts as early as June as that's when she started to prepare. Can these be included in the tax return or do we have to forget about them as it was before she registered as a business?
All pre trading expenditure is treated as though incurred on the first day of trading.
HTH,
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.
All the expenses incurred before the registration will be included in the preparation of tax return as if they were incurred on the first day of the trading as correctly stated by Shaun.
DISCLAIMER:
IN NO EVENT WE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE ABOVE GIVEN OPINION.
I don't like to be pedantic but if I have already stated something correctly why are you restating it as if you are approving my answer.
It may simply be cultural anomally but commenting like that comes across as if you believe that you are in some way superior by approving my comment.
I am sure that such was not your intent but just thought that I should advise you for future reference that feigned superiority will end up with much more confrontational exchanges.
Welcome to the forum,
kindest regards,
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 don't like to be pedantic but if I have already stated something correctly why are you restating it as if you are approving my answer.
It may simply be cultural anomally but commenting like that comes across as if you believe that you are in some way superior by approving my comment.
I am sure that such was not your intent but just thought that I should advise you for future reference that feigned superiority will end up with much more confrontational exchanges.
Welcome to the forum,
kindest regards,
Shaun.
Ooo heck! Dont annoy Mr Moderator.
Actually Alok - might be an idea if you introduce yourself with a bit of background for your first proper post on the forum?
Welcome
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
