Closing down an accountancy practice

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

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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?

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paddle steamer
31st Jan 2023 14:08


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By CJaneH
31st Jan 2023 14:55

Thanks to both Davidex & DJKL for their replies.

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