Cash basis accounting

Hi, I set up trading Sept 23, I have stock purchased from various places from year 2000 onwards. I continue to purchase stock from places. Under cash basis accounting. Do I show all inventory at the start or list per item as an expense when item sold. Thank you

Hi Mr Fragrance,
Pre trading expenses are only allowable for the 7 years prior:
BIM46351 - Specific deductions: pre-trading expenditure: scope/.
You therefore cannot claim anything from 2000.
Further guidance on the cash basis is at:
Cash basis.
Thank you. 

 

Hi, Thank you got supplying the information. I had done a typo, I was supposed to say, I have purchased items from various places since 2020, now looking to resell them. Under Cash Basis accounting money comes in and I account for it instantly. If I bought an item in for example 2022, sold that in Jan 2024. How would I account for that? Thank you.

Hi Mr Fragrance,
This would be classed as pre trading expenditure.
See guidance at:
bim60660 - Pre-trading expenses – Overview
Thank you.