Yes. You can claim pre-trading expenses of up to seven years before the incorporation date of your limited company, as long as these expenses have been paid for with your own money and were incurred‚ wholly, exclusively and necessarily' for setting up your business.
Examples of pre-trading expenses you can claim for include:
- Internet and domain name fees
- Purchase of computer equipment and software
- Accountancy and other professional fees
- Travel costs
- Insurance
- Stationery
To learn more about allowable business expenses, read our detailed guide on allowable limited company expenses.
<p>Yes. You can claim pre-trading expenses of up to seven years before the incorporation date of your <a href="https://goforma.com/limited-company/what-is-a-limited-company" target="_blank">limited company</a>, as long as these expenses have been paid for with your own money and were incurred ‘wholly, exclusively and necessarily' for setting up your business.<br></p><p>Examples of pre-trading expenses you can claim for include: </p><ul><li>Internet and domain name fees</li><li>Purchase of computer equipment and software</li><li>Accountancy and other professional fees</li><li>Travel costs</li><li>Insurance</li><li>Stationery<br></li></ul><p>To learn more about allowable business expenses, read our <a href="https://www.goforma.com/tax/limited-company-director-expenses-tax-allowance" target="_blank">expenses and tax allowances guide for limited company directors</a>.</p>
Our small business accounting guide walks through absolutely everything you need to know if you're considering starting a limited company. From different taxes, limited company advantages/ disadvantages, how to pay yourself, and what your key filing requirements are.
- When to register a Ltd company
- When to register for VAT
- How to take money out of your company
- Dividend tax rates
- Limited company expenses & corporation tax
- Annual accounts and deadlines
Read more of our Small Business Accounting guides:
Book a free consultation to discuss your allowable business expenses.
Our limited company expenses guide talks through all the different expense categories you can claim for along with key examples and how this can impact your corporation tax.
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