New to Self Employed Putting Expenses Through

NewBeginnings_2

Hi

I will be self employed from 1st Nov... in the mean time i am purchasing a few things in preparation eg a day diary, some stationary etc. This is obviously coming out of personal purse. Am i able to submit the items as purchase expenses on my self employment accounts as of 1st Nov? Bit confused and im new to all of this, so any advice would be great.

Thank you:rotfl:

booksurr

yes, read http://www.hmrc.gov.uk/manuals/bimmanual/bim46351.htm
and then start learning the rest
http://www.hmrc.gov.uk/manuals/bimmanual/Index.htm

consider doing some of the HMRC training courses, especially their online e-learning stuff
http://www.hmrc.gov.uk/startingup/help-support.htm

PlutoinCapricorn

You register as a sole trader as from the date you start working for real. HMRC know that some people can't start officially trading and working until they have bought some starter items. So yes, the purchase date can be earlier than the trading start date. Just keep the receipts in case HMRC ever ask for supporting information.

NewBeginnings_2

Thats great thank you everyone. I will keep my receipts

Catcherupper14

I'm glad I saw this thread as I was in the same position as you and simply assumed that start-up costs would be allowable expenses.


It's good to get confirmation.

W.Ford

This seems like an appropriate thread to add these questions to, hope you dont mind NewBeginnings.

I'm in the same boat, just started out working from home as a web designer. I have started keeping a record of my business mileage and have the following questions:

1.)I am intending on claiming the fixed mile rate for mileage, do I need to record my personal mileage in my spreadsheet (same car used for both work and pleasure) or just my work mileage

2.)I went to pick up a chair specifically for use in my office last week, can i record this (or going to purchase anything for my business) as permissible mileage?

3.)How about if I go to the bank to pay in cheques from clients for example, can this mileage be claimed?

Thanks