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First Sole Trader Tax Return Pre-Trade Expenses confusion
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Humptydont
Posts: 3 Newbie
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.
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.
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I was about to ask the same question, so following with interest!0
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