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Pre trading expenses
Posted by Anonymous on Fri, 03/07/2009 - 15:12
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?
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Yes!
It's allowable "company" expenditure.
The "personal" side of it is just "drawings", if you like.
Cheers