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Posted Sat, 25 Nov 2023 18:50:17 GMT by
I left me job in October having earned £70,000 so far in 23/24 (including the taxable part of a redundancy payment ). I am now setting up a business. Can I offset start-up costs of £10,000 against my overall income for the year? Would that be at £40,000?
Posted Wed, 29 Nov 2023 14:58:16 GMT by HMRC Admin 20
Hi Ash Gordon,
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.                                                  Expenses if you're self-employed
Thank you.
 

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