Tax advise needed for limited company and completing self-assessment tax form

sirmarcus

I need some help and advise.

Lasy year, I set up my own limited company to work as an IT contractor. I haven't yet got any income into this company as I haven't yet got any employment as an IT contractor. However, I have incurred some set-up costs for the business; for example car travelling costs for training, PC costs for running business, etc.

I am in the process of completing my 2009-to-2010 self-assessment tax form but I can't work out how to claim the business set costs from the tax man.

Can someone please help me and provide me with some much needed advise.

Many thanks.

Pennywise

The costs you mention are expenses of your limited company, not you personally, so they don't go on your personal tax return at all.

Your limited company accounts will show a loss and your company's corporation tax return will show a loss to carry forward against future company profits.