Hi
Can somebody please explain the 3year tax free exemption for new business' set up in 2009?
What defines being set up? If you register as a LTD company in 2009 and have expenses such as travel, website, stationary etc but no direct sales, is this considered as being set up?
Also, if say you set up a LTD company in 2009 which is slightly different to what you sole trade as. . .would this qualify?
Example: Currently sole trading as a "clothing supplier".. New name/New LTD company trading for new 2009 rule, "renting clothes".. Would this qualify?
I understand these could be viewed as being similar but the business concept would be totally different..
Where could I get this clarified?
Thanks in advance
Can somebody please explain the 3year tax free exemption for new business' set up in 2009?
What defines being set up? If you register as a LTD company in 2009 and have expenses such as travel, website, stationary etc but no direct sales, is this considered as being set up?
Also, if say you set up a LTD company in 2009 which is slightly different to what you sole trade as. . .would this qualify?
Example: Currently sole trading as a "clothing supplier".. New name/New LTD company trading for new 2009 rule, "renting clothes".. Would this qualify?
I understand these could be viewed as being similar but the business concept would be totally different..
Where could I get this clarified?
Thanks in advance