Expenses incurred prior to starting trading ?

Any expenses incurred wholly and exclusively for the purpose of the business can be used in calculating the profit the business makes in that tax year.

Any expenses incurred prior to commencing to trade can be used in the first year of trading. It is important to note that some of these expenses might be of a capital nature (i.e. a new truck, laptop etc.), which cannot be used in calculating your profit, but an allowance of 12.5% each year can be claimed.

Any profit that the business makes will then be taxable at the appropriate tax rate and any losses incurred can either be used against other income in the year or carried forward to offset against profit in the future periods

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie