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Can I reclaim expenses from before I formed by contractor limited company?
Posted Feb 26, 2010
This question was answered by specialist contractor accountants, Freestyle Accounting.
Yes, provided that it is a normal trading expense and that it is incurred no earlier than 7 years before the trade commenced. If that is the case, the expense or expenses can be treated as being expenses of the first trading period. (s.61 CTA 2009)
You can claim anything that you would have been able to claim whilst you were trading, and examples of such expenses are accountancy fees, rent, rates or stationery, etc.
You cannot claim the cost of a company formation as this is deemed to be a capital expense rather than a revenue expense and a tax deduction cannot be claimed regardless of when it is incurred.
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