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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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.