This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our privacy notice.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Marketing

A bit of data which remembers the affiliate who forwarded a user to our site and recognises orders from those who become customers through that affiliate.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Enrol now on the free landlord tax strategies course


To enrol in the 7 tax saving strategies email course complete the form below. The first module will be emailed to you immediately.

Enrol now on the free landlord tax strategies course

Thank You!

Free Tax Saving Strategies Course
The seven FREE property tax busting strategies course reveals the secrets of how to legitimately beat the taxman and boost your property profits!
View All Questions

Can you claim the startup costs of a business before incorporating?

Question

Can you claim the startup costs of a business before incorporating?

 

For instance, if you went on a course that resulted in you setting up an office, which also then resulted in the set up of a limited company, all in the space of 6 months start to finish. Could you claim the cost of the course and office set up?

 

Arthur Says:

These costs are capital costs. They are not revenue costs. The Revenue say clearly on their manuals page BIM35660 that when the course is to give new expertise, knowledge or skills to the proprietor then this is a capital expense. Similarly on page BIM35525 they explain that setting up a company is a capital expense. I am not sure exactly what you have in mind when you write 'office set up', but the definition of a capital expense is one made 'not only once and for all, but with a view to bringing into existence an asset or an advantage for the enduring benefit of the trade'. I would have thought that 'office set up' falls within this.

Landlord Tax Secrets Get our SEVEN FREE Landlord Tax Saving Strategies - Guaranteed To Slash Your Property Tax Bills!
Click here for more.

Got a burning tax question?

Why not submit a tax question to our tax advisors

Ask a Question