Company Formation Costs:
If you have previously been in full-time employment and have just started trading as a limited company you may have incurred a few company formation expenses already. These can be included in your company's first-year accounts.
These costs can only be included if you have a valid invoice or receipt. Enter these costs into Crunch under Expenses with the date being the first day of your current trading year, or your company incorporation date if this is your very first company year.
If you are intending to be VAT registered you will also be able to claim the VAT back on any business assets purchased within the last four years and/or services within the last six months (i.e. prior to becoming VAT registered).
If you have previously been operating your business as a sole trader the expenses prior to the company formation should be included in your sole trader accounts. Any business assets you transfer into your company will need to be transferred and these figures should be obtained from your previous agent.
Transfer of Assets:
Whether you are incorporating as an existing sole trade business, transferring assets from an existing company or starting for the first time, fixed assets such as equipment (for which you may, or may not have already claimed tax relief) can be transferred.
You may also have equipment owned personally that you wish to bring into your business.
It is important to bring this to your Client Manager's attention in order for the appropriate relief to be claimed.