Pre-trade expense.
To whom it may concern,
In brief, I am seriously considering to become self-employed shortly, but before I will do that I want to be more tax and law conscious. That why this website had supported me a lot to achieve that so far. Unfortunately, I could find anything associated with pre-trade expenses. Correct me if I am wrong. I wonder if any period launching a company (sole trader) when everything which I bought, could be then treated as a pre-trade expense has existed, so then I could deduct some portion of it from my overall turnover? To be honest with you it will be very helpful, so then I could invest on good quality equipment which is necessary to run such business like this. I most interested in:
Buying a second-hand car such as mini-van or van only for business purposes. Mainly for clients meeting, transporting equipment from one place to another etc.
Graphic design equipment such as to monitor calibrator, Pantone colour books, hi-end monitor for colour correction
DSLR Camera + Lenses
Video calibrator colour books and so on.
I can end up very easily with thousands of thousands of pounds stocked in equipment, hence it's crucial to decrease these costs from company income as much as possible.
I read some article at another website (unfortunately I couldn't remember the exact name) that depending on a way of accounting method i.e. traditional accounting vs cash basis accounting. I have to claim it differently. I am not sure which one is better one in terms of receiving a more significant tax deduction from the initial investment cost for a future business in this case scenario.
Many thanks for supporting me in this matter.
I am looking forward to hearing from you.
Yours faithfully,
Peter
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch