Expenses incurred before your new business starts
Can I claim for expenses before my business starts to trade ?
A tax deduction is available in respect of pre-trading expenses which are incurred in the three years prior to commencement of your new trade or profession,
Only pre-trading expenses which were wholly and exclusively laid out or expended for the purposes of the trade or profession are allowable.
Examples of pre-trading expenses are:
accountancy fees,
advertising costs,
costs of feasibility studies,
costs of preparing business plans, and
rent paid for the premises from which the trade or profession operates.
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
