1st Self Assessment Tax Return - Can these expenses be claimed?
HI All,
Just looking for some advice for a friend, although I did the personal tax module its something I wanted to clarify!
A friend is doing their first tax return, having registered as self employed from 01/09/10, so their return is just from then to the following April. They registered as they are doing some work for themself alongside their normal full time employed job. Can they claim expenses costs for equipment they bought in the month prior to the actual date they registered as self employed, or can they only claim for anything purchased after 01/09/10?
Sorry if I got the terminology wrong but hopefully I make some kind of sense!
Thanks
Kelly
Just looking for some advice for a friend, although I did the personal tax module its something I wanted to clarify!
A friend is doing their first tax return, having registered as self employed from 01/09/10, so their return is just from then to the following April. They registered as they are doing some work for themself alongside their normal full time employed job. Can they claim expenses costs for equipment they bought in the month prior to the actual date they registered as self employed, or can they only claim for anything purchased after 01/09/10?
Sorry if I got the terminology wrong but hopefully I make some kind of sense!
Thanks
Kelly
0
Comments
-
Yes, they are called pre-trading expenses.
Treat them as purchased on 01/09/2010.0
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