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First self assessment new business

Lleyn elec · 2020-07-27 20:26:41

Hi. I began to set up an electrical contracting business inJuly 2019 at this time I registered for income tax self assessment. Folllowing this I completed the necessary courses and purchased the required tools and equipment, however due to some ill health (now back to normal) and Covid 19 I have only recently got…

27-07-2020 8:26pm

#1

Lleyn elec

Registered Users, Registered Users 2 Posts: 81 ✭✭

Join Date: October 2017

Posts: 65

Hi. I began to set up an electrical contracting business inJuly 2019 at this time I registered for income tax self assessment.
Folllowing this I completed the necessary courses and purchased the required tools and equipment, however due to some ill health (now back to normal) and Covid 19 I have only recently got registered as an electrical contractor and started working literally in the last few weeks.

In addition I also work PAYE. For the start up costs in 2019 I understand I have to submit accounts before 31st of October for the period of July - October 2019?
I’m assuming this loss can be offset against my PAYE tax?

Thanks in advance!

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