Hi all,
I'm starting up my own Video Editing service at the moment (and about to post off my TR1 form). When it comes to keeping all my receipts that can be marked off as expenses, I have a few questions...
Down the line, when I'm doing my first Tax return, my local Revenue office told me I can only include receipts that are dated after the date that the new business started trading. I have a lot of equipment bought in the last few months that I would consider to be Capital Expenses. Can I put these expenses down even though they occurred before my business actually opened for business?
(I know this rule is there to stop people registering a business name and not registering for self-assessment, but it seems unfair to someone like me legitimately starting up a business, but getting penalised for buying expensive equipment before I start trading. Equipment is not something that you can simply buy in a few days and have set up straight away. I have about 30 different electronic items needed.)
Any advice welcome...