We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

First Sole Trader Tax Return Pre-Trade Expenses confusion

Hi there,

I am preparing to file my first Tax return following setting up as a sole trader in June 2013.

I am thinking the Cash Basis system makes sense for me and I am compiling my income and expenditure by date in and out.

As this is my first year in business I understand that I am allowed to claim a Pre-Trade portion of expenses for items now used sometimes for the business that I already owned and also a portion of expenses for running the business working from home etc of mortgage/utilities

- however I am not sure how this is possible as for example - the computer I use 50% for the business was the home computer that was paid for by my husband. Similarly, things like the mortgage and utilities are paid from by my husbands bank account - so does this mean I cannot claim the use of these things as the receipts would not be in my name?

Thanks.

Comments

This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.1K Banking & Borrowing
  • 254.6K Reduce Debt & Boost Income
  • 455.8K Spending & Discounts
  • 247.8K Work, Benefits & Business
  • 604.9K Mortgages, Homes & Bills
  • 178.8K Life & Family
  • 262.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.