Claiming business start up costs

[Shirl]

I left my job and started working for myself as a sole trader. I took the lease on my studio on the first of April and spent two months getting it ready before I registered as self employed on the 1st of June.
I'd been making silver jewellery at home for two years so already had a lot the equipment I need but I bought more and also a lot of silver between April 1st and June 1st.
I can't find anywhere that tells me if I can claim for tax purposes for rent paid and equipment bought between taking the lease in April and starting the business in June. The reason I didn't start the business in April was because I was still employed then and it would have got complicated.
Anyone know where I can check this out?

 

[FridgeMagnet]

You should be fine just including those expenses in your first tax return—the deadline to register as self employed is only October of the second tax year (which would be October 2017!) Set up as a sole trader - GOV.UK

You could always call HMRC about it if they're not too busy with questions about Brexit or something. Self Assessment: general enquiries - Contact HM Revenue & Customs - GOV.UK

 

[Shirl]

You should be fine just including those expenses in your first tax return—the deadline to register as self employed is only October of the second tax year (which would be October 2017!) Set up as a sole trader - GOV.UK

You could always call HMRC about it if they're not too busy with questions about Brexit or something. Self Assessment: general enquiries - Contact HM Revenue & Customs - GOV.UK

Thanks. I've already lost days of my life hanging on for HMRC I'll go back again and ask

 

[Throbbing Angel]

Ask Eric Binns, obvs

Business advice: Business support and advice: Calderdale Council

Is there a local Business Club or Chamber of Commerce you can ask?

 

[Shirl]

Ask Eric Binns, obvs

Business advice: Business support and advice: Calderdale Council

Is there a local Business Club or Chamber of Commerce you can ask?

There are all kind of business clubs and groups here but I don't want to get involved with them. It's all the same pushy people and all very networking focussed. I don't really want to know about business success, I only registered as self employed to stay out of trouble with the tax people. I'm not looking to 'run' a business, just sell a few of the things I make to supplement my pension.

I suppose I could ask Eric when he's in Todmorden next month but really it's just a tax question. I still can't find an answer on the GOV.uk site or get someone to answer the phone.

 

[trashpony]

Ta-dah: Can I claim for pre-trade expenses? - Tax Guide for Students

 

[Shirl]

Ta-dah: Can I claim for pre-trade expenses? - Tax Guide for Students

Fantastic trashy, it looks like better than I hoped and that I'll be able to claim for all the equipment I bought since I started college three years ago. Luckily I have got all my receipts

 

[trashpony]

Fantastic trashy, it looks like better than I hoped and that I'll be able to claim for all the equipment I bought since I started college three years ago. Luckily I have got all my receipts

I have been self-employed for 6 years and you're already better at that sort of thing than me

 

[Shirl]

I have been self-employed for 6 years and you're already better at that sort of thing than me

No I'm not, I'm rubbish. I have the fear of the HMRC though so need to get it right so I can sleep at night. I only kept receipts at the start so I would know what I was spending on making things and then it just carried on

 

[friedaweed]

No I'm not, I'm rubbish. I have the fear of the HMRC though so need to get it right so I can sleep at night. I only kept receipts at the start so I would know what I was spending on making things and then it just carried on

I did it for 3 years. I paid an accountant about 150 sovs a year which came out of my tax anyway. I claimed for a ton of start up stuff, about 5k in all and I worked from home. I used to send him a spreadsheet and kept all the receipts myself. There was some sort of formula he suggested which basically meant I kept every receipt I was given

I wouldn't be worrying too much.