Virtually all businesses incur costs before they start trading. Special rules determine when and if they are tax deductible. For example, could your business get a deduction for paying you a salary
before it starts to generate income?
Published 08.12.2017
The normal rules for tax relief on expenses don’t apply if they are incurred before your business commences trading. This can affect the timing and the amount of tax deductions. What do you need to
know?
Published 23.02.2022
Your accountant has prepared your company’s first tax return. It excludes tax deductions for loan interest paid before the business commenced. She says it can only be claimed against income for later
years, if at all. Is this correct?
Published 03.09.2018
You’re preparing for a new business venture. If all goes well you’ll form a company and start trading. Meanwhile you’re incurring costs for which tax relief will only be allowed if and when the
business starts. Is there a more efficient way to claim relief?
Published 07.01.2020
You paid expenses personally to get your company up and running. You don’t expect it to be able to repay these or give you a salary for some time yet. Can you claim a tax deduction for the start-up
costs?
Published 22.05.2019
One of our subscribers has decided to turn her hobby into a business which she’ll run though a company. She bought stock, equipment etc. for her hobby which will now be used for the business instead.
Can it claim tax deductions for these costs?
Published 13.11.2019
Your accountant has asked you about bad debts for the latest accounts. There are a number of small overdue amounts on your books which you’ve previously ignored. Can you claim tax relief for these,
and if so, how much?
Published 15.02.2018
You’ve not drawn salary from your company for the last three months because its income was significantly reduced. It’s now improving and you’re restarting your salary next month. Is it worth paying
yourself the arrears?
Published 07.07.2020
The main corporation tax (CT) rate increases to 25% in April 2023. But how might your company use the higher rates to its advantage by paying extra pension contributions for its directors?
Published 02.02.2023
You’ve used your personal savings to fund a start-up. You expect it to take a year until it will be financially self-sufficient. You can’t see the point of taking a salary from the company until
then, but might you be losing tax and other advantages?
Published 20.04.2022