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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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there, I am registered as self employed and have been

Resolved Question:

Hi there,
I am registered as self employed and have been for a few years.
Last year, a friend and I registered a small company as an LLP.
My self-employed work and the goals of the company are linked, and eventually I want to put my self-employed work through the company. This has not been done yet, though.
The company is VAT registered, as we have been purchasing goods for research and wanted to claim back the VAT. There have been no sales, as we are in the research phase.
Is it possible to claim money put into the LLP as a business expense on my self-employed tax return? If so, how?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

In order for an expense to be allowable for tax purposes, it has be spent wholly and solely for the purpose of that business.

An initial investment in another business albeit the goals are linked would not be regarded as a buiness expense in your self employed accounts, I'm afraid.

I am sorry if the news is not what you would have liked.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. Please only rate my answer if it is acceptable.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4939
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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