Trade Representative Officer

cococlown

Hi

I have my own ltd company, three years I decided to sell up my house and retire to Bulgaria, provisions on getting a visa is I had to come as a TRO.

There were and are a lot of expenses in enabling this year to year.

I don't work or have any income.

I have asked my own accountant  but getting him to respond to a email is a waste of time.

So what i am asking is can I claim my expenses as a TRO against my company.

Any advice would be great thank you.

Rgds Steve

Hoenir

Trading expenses are those incurred “wholly and exclusively” for the purposes of running the business to be allowable for tax purposes. This means that the costs must be incurred while actually performing the business or trying to attract more business.

With no income. The obvious answer is no. 

cococlown

Technically the costs are to attract more business,  I have to report what the company has done to enable business and supply leads to the Bulgarian authorities from year to year.

Thank you for replying Hoenir

Rgds Steve

sheramber

iWhat do you mean by 'technically'? Are you actively seeking more business in Bulgaria?

Grumpy_chap

cococlown said:

Hi

I have my own ltd company, three years I decided to sell up my house and retire to Bulgaria, provisions on getting a visa is I had to come as a TRO.

There were and are a lot of expenses in enabling this year to year.

I don't work or have any income.

I have asked my own accountant  but getting him to respond to a email is a waste of time.

So what i am asking is can I claim my expenses as a TRO against my company.

Any advice would be great thank you.

Rgds Steve

cococlown said:

Technically the costs are to attract more business,  I have to report what the company has done to enable business and supply leads to the Bulgarian authorities from year to year.

Thank you for replying Hoenir

Rgds Steve

If you are running Ltd Company, yet not generating any revenue / turnover through that company for three years, the question will arise whether this is a genuine trading business or really should be submitting accounts as dormant company.  There might come a point where the UK or Bulgarian authorities (or both) question the honesty of the company existing as a "trading entity".

I understand there is a period when a business starts up and cash flow is negative but, for the majority of cases, that business would need to start turning a positive cash flow in under three years.

If you don't work and have no income, how are you funding day-to-day living expenses?
How long can that funding of the day-to-day sustain itself?

cococlown

Thank you for the replies.

Thank you all

Rgds Steve