Pre trading expenses
My client incorporated her Ltd Company in November 2007 and commenced trading in December 2008. I am just completing her personal tax return for 2007-08 and she has some pre-trading expenditure. Am I right in saying I include this in her first statutory accounts for the Ltd Company and I ignore it in her personal tax return for 2007-08?
Yes!
It's allowable "company" expenditure.
The "personal" side of it is just "drawings", if you like.
Cheers