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Posted Sat, 25 Nov 2023 18:38:10 GMT by
I left a company role in October . I’d earned £70,000 in 23/24 by that point. I am now starting a business as a sole trader. I launch in January My pre trading expecnses are £10,000 (they qualify as tax deductible expenses). Can I offset those start-up costs at 40% from my earnings at the company?
Posted Tue, 28 Nov 2023 15:28:18 GMT by HMRC Admin 17

Hi .
 
Yes, pre-trading expenses incurred 'wholly and exclusively' in relation to a new sole trader business
can be treated as expenses incurred on your first day of trading.  

 See :

Expenses if you're self-employed  .

Thank you .

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