Closing down an accountancy practice

Cessation of trade . Can one claim for tax purposes the post cessation expenses.

Didn't find your answer?

To cease trading in the correct fashion one is required to pay for 'Run Off' PI insurance and also store records for 7 years in case of Tax or other investigation.

It would seem reasonable to me to calculate the cost for the 7 years and claim in the last set of accounts as to my way of thinking 'Wholly & exclusively for the purpose of trade' Having practiced under ICAE&W rgulations I believe I must/should comply with their rules. 

Would you agree?

Replies (3)

Please login or register to join the discussion.

paddle steamer
By DJKL
31st Jan 2023 14:08

Yes

Thanks (2)
avatar
By CJaneH
31st Jan 2023 14:55

Thanks to both Davidex & DJKL for their replies.

Thanks (0)