Starting up

[cuddlybunny38]

Hi I am just wiating to be registered, have got a lot of thing over the last few weeks and kept recipts to claim back but have been told that can only claim for this tax year then will have to start new claim, but how can you claim if you are not earning? any ideas on this? does this mean I cant claim back what I have alreday spent?

[sarah707]

This is an excellent link for tax questions...

http://www.hmrc.gov.uk/manuals/bimmanual/bim52751.htm

If it's not answered here, I suggest you ring the tax office helpline and talk it through with them - they are the experts.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/WorkingAndPayingTax/DG_10016920

Good luck! :D

[angeldelight]

Good advice from Sarah

Just wanted to say good luck

Angel xx

[Alibali]

I bought things up for a few months before I started, then put a lump sum through my books on the week I started earning. Could you do this and if you don't start earning until the new tax year put 'start up costs' through then?

Ali :)

[tulip0803]

Thanks from me too Sarah. I was told I would be registered by March but still haven't been inspected (CSSIW). I will ring to get it confirmed but it looks like it is carried to the first day of the business starting.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM46355.htm

"For Income Tax Purposes"

"Where the qualifying trade was set up and commenced on or after 6 April 1995 the qualifying pre-trading expenditure should be treated as incurred on the day on which the trade, profession or vocation is first carried on. It therefore enters into the calculations of the profit or loss for the first year of assessment in which the trade profession or vocation is first carried on. No separate claim for loss relief is required."

[miffy]

Just wanted to wish you luck with your registration

miffy xx

[sarah707]

Julia... you are right with what you have quoted (of course, cos it's a quote!) but NCMA have negotiated some special expenses rates for Childminders, so I wasn't sure if they might also have done something about buying stuff in the 'wrong' tax year iyswim... :D

[cuddlybunny38]

Hi checked out the sites above but they didnt explain what i needed so i will do what some of you say and put it all through on start up day even if innew tax year, as it is oto start the bussniess that i have spent it, have got all recipets if needed as well thanks for all replys

[tulip0803]

Hi checked out the sites above but they didnt explain what i needed so i will do what some of you say and put it all through on start up day even if innew tax year, as it is oto start the bussniess that i have spent it, have got all recipets if needed as well thanks for all replys

I have just spoken to the "Newly self-employed Tax Help Line" from Inland Revenue and they said that is correct. Just put it all down in the accounts on the first day of registration. Very pleased as it has cost quite a bit now:)