Starting Up In Business – Our 3 Favourite Ways To Maximise Your Tax Benefit

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Starting Up In Business - Our 3 Favourite Ways To Maximise Your Tax Benefit For Success!

It is often the case that expenses are incurred when starting up in businesses.  These Starting Up In Business costs are often spent before trading actually commences.

How can you get relief for this expenditure from the Taxman is a question we often get from the many business start-ups we meet.

With a bit of understanding of the rules and some effort on your part keeping good records, you can ensure your start-up expenses are fully allowed by the Taxman.

Starting Up In Business - Our 3 Favourite Ways To Maximise Your Tax Benefit!

Starting Up In Business - Our 3 Favourite Ways To Maximise Your Tax Benefit

Starting Up In Business - Our 3 Favourite Ways To Maximise Your Tax Benefit

These are our 3 favourite ways for expenses incurred in Starting Up In Business will be allowed by the Taxman:

Starting Up In Business 1 - Capital Expenditure

Where capital expenditure is incurred before the business is started i.e. it brings an asset into existence that will provide enduring benefits to the business, then it many qualify for capital allowances.

If the expenditure does qualify for capital allowances, then it will be treated as if it was incurred on the first day of business.  So if you buy a van to use for a business that will be starting on 1 September 2016, then the capital allowances can only be claimed from this date.

Starting Up In Business 2 - Revenue Expenditure

Revenue expenditure will be treated as being incurred on the first day of business, and deductible for tax, if incurred wholly and exclusively for the purpose of business.  This applies to qualifying expenditure that was incurred before the business officially commenced.

So an example would be costs relating to building a website (which is not capital expenditure) incurred before a business started would be deducted from the company's taxable profits for its first period of trading.

Starting Up In Business 3 - Input VAT

Where input has been incurred prior to VAT registration (which may happen after the business has commenced) then the business may be able to recover the VAT.

Input VAT can be re-covered on supplies of services received up to 6 months prior to registration and goods received up to four months prior to registration, prior you still have them once registered for VAT.

Remember - This is a subject which should probably be tackled with the help of your accountant.  We do hope that this blog post will give you some ideas on what you can discuss with them and claim back.  Allowing you to make sensible business decisions on what Starting Up In Business costs the Taxman will accept.

Our Starting Up In Business Call To Action

It is clear that Starting Up In Business costs are not at the fore-front of most business owners thoughts when looking to get their first sales, and trying to deliver products or services to their new customers.

However a bit of time reviewing with these Starting Up In Business costs with your accountant should allow you to ensure you only pay the tax you need in the first year, helping your cash flow.  Do make sure your accounting system works to ensure any Starting Up In Business costs are properly identified to allow these claims.

If you know of any other great tips for what Starting Up In Business costs the Taxman will accept that can be shared with our readers then let us know via the comments or through LinkedIn.

The PJW Call To Action

If you want to talk to us about using more of our top tax tips to help your business save real money then do the following:

  1. subscribe to our blog
  2. contact us via LinkedIn
  3. email us at paul@pjwaccounting.co.uk
  4. call us on 01889 586431
  5. read all our tax tips on Twitter and subscribe to our very tax tips stuffed TweetJukebox

If you like this set of tax tips then please do share it across Twitter, Tumblr, Facebook, LinkedIn and Google+ – where you will find us active on each social media platform!

Remember - Don’t Leave a TIP with the Taxman!

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