HELP! CAN I DO THIS?

[DCS]

I HAVE START UP COSTS TOTALING £3600. I have all the reciepts.

Would I be able to claim all this under start up costs?

Cecile
X

[sarah707]

If you have all the receipts and can prove spending, then you put the expenses against income for your tax return, yes.

It is not unusual to make a loss on your first year's business, especially if you didn't have any resources already.

If you are in any doubt, we will always advise you to ring the tax office for clarification.

[DCS]

Thanks Sarah

Cecile
x

[Pudding Girl]

Chuffing hell, how much????!!!

[Raggydolls]

omg thats alot of money to have spent b4 u even start working!!

leanne
xx

[Donkey]

I thought mine was bad at £1400!!!!!

i am limiting my spending now and will only spend 50% of what I earn....

she says! so many things I want to buy....

[beerheaven]

How much? OMG - that is a serious sum of money!
But as Sarah rightly pointed out, you are unlikely to make any money in your first year of minding, but on the plus side you can off set the costs against tax.

[DCS]

I know its alot but I'm single and childless, with a soft spot for buying expensive goods , so there's quite a lot that i wouldn't have bought, if not for Cming.

I'm on course to make it back by the end of this month and its £3600 less to pay tax on!

I hav spent a bit more but have now promised myself not to buy anything else untill the next tax year (wonder how long that will last?!)

Cecile
x

[beerheaven]

I'm terrible at spotting 'bargains' for the children! Hubby just sighs now!

[tulip0803]

I thought mine was bad at £1000ish but it took so long to re-register & CSSIW insisted on me attending pre-reg breifings and mentoring sessions (nearly made me do ICP again ) I had to jump through so many hoops and kept seeing things that I needed that they are all start-up costs not running costs.