Hi,
I have set up a hire business and started trading on 25th Jan. I have been buying stock since 2014. I have spent roughly £1700 in 2014, £1700 in 2015 and £390 in 2016. Obviously, I have all the receipts.I have in effect lent my business money from my personal account. So I don' t know how to account for this on my self assessment return. Do I add all the costs together and say it's a directors loan in the tax year 2016? or do I take off the costs as business expenses in the tax year 2015? or do I do something else?
Sorry for sounding stupid, it's my first time and I don't want to do anything wrong!
Thanks
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