Pre-trading expenses

Pre-Trading Expenses

Pre-trading expenses are expenses incurred before your new business or trade actually starts to trade

Examples of pre-trading expenses are:

a) accountancy fees,
b) advertising costs,
c) costs of feasibility studies,
d) costs of preparing business plans, and
e) rent paid for the premises from which the trade or profession operates.

A deduction is available in respect of pre-trading expenses which:

1) are incurred in the three years prior to commencement of the trade or profession,
and
2) are pre-trading expenses which were wholly and exclusively laid out or expended for the purposes of the new trade or profession

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