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11
Nov
Claiming Back Pre-Trading Costs
Generally speaking, any business costs that you incur up to 7 years before you start trading can be put through your business as if incurred on the first day of trading.
This includes insurance, wages, rent and rates.
You can also claim capital allowances on qualifying business assets. Any assets that you previously owned personally that you intend bringing into the business must be valued at their market value at the first day of trading.
Repair costs are more complex. Repairs to property would only be allowed if the costs are maintenance and not improvements, if they are not incurred to make premises fit to trade and if the price paid for the premises was not reduced to take into account the cost of repairs to be made.
