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Can you offset initial expenses against future income all from the same tax year?

Posted 16 January 2014 under Tax Questions


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If you have just started a business and have not earned income yet, would you be able to deduct the initial expenses from future months when you do earn income? Please note that the income and expenses fall within the same tax year.

This entry was posted in Tax Questions and tagged . Bookmark the permalink.

TaxTimTaxTim says:
16 January 2014 at 19:59

Yes, you incomes and expenses are over a full trading period so you would add them all up over the period and work out whether you have a loss or profit for the year.


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