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Advice Needed: allowable expenses from past years
03-11-2009, 06:38 AM,
#1
Advice Needed: allowable expenses from past years
I am currently an employee, but plan to become self employed in the tax year 2009-10 however I have already bought equipment and undergone training for this purpose.
Is it possible for me to carry over these expenses and claim them on next years return, or can I claim them this year against my PAYE tax?
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03-18-2009, 10:26 PM,
#2
 
The equipment will become asset of your business and cannot be claimed as expense in any tax year. However depreciation shall be allowed to you as admisible deduction. Any expense that you incured in relation to business before the commencment of business become the part of pre-operating expenses. The pre-operating expeses can be amortized as per rate specified in the ITO,2001.


Regards,

Awasi
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