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Allowable Pre-trading expenses

10/01/2018 16:51:38
I understand that I can claim expenses up to 7 years before my business officially began trading.

Do the same rules apply to pre-trading expenses as they do to trading expenses? Are there any exceptions?

Do these need to be categorised or claimed as one bulk expense?

If I have assets that I'm bringing into my business that I either do not have a receipt for or are older than 7 years, am I able to claim an amount for what they are worth at the date trading begins?

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Allowable Pre-trading expenses

11/01/2018 10:31:21
Hi there, there may be a few differences between trading and pre-trading expenses, all of which can be found on the link below. This outlines what pre-trading expenses can be claimed and also gives an example.

The link is: https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim60660

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