prepayment

prepayment

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I was running a business.and paid for some of the expenses in advance ie:membership,insurance .

close the business after 7 months.I jut wonder what figure for these expenses goes to tax return or profit &loss account  or self assessment?

should  theses expenses be  for full amount that been paid in advance paid in advance or should i prorota just for 6 months

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By Novakova
15th Nov 2013 22:47

prepayment
It depends whether these prepaid expenses were incurred for business purposes, or to what extent, i.e. what proportion was incurred for business purposes.

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