- Internet and domain fees
- Computer equipment and software
- Stationery (letterhead design and print etc.)
- Other professional fees (legal, accountancy, insurance)
- Travel costs and subsistence
You cannot claim for costs that will be deducted from profits once the business begins trading, these include:
- Trading stock
- Rent/rates paid in advance
- Line rental for broadband/phone
- Rubbish collection
- Training (maybe, but only in some cases, and this element must be carefully checked)
- Fee for incorporation itself: as this is a one-off capital cost it cannot be claimed by the company against Corporation Tax, although the director may be reimbursed for the full cost.
- Capital expenses that relate to before the company was formed, interest on loans for example.
Reclaiming incorporation expenses The importance of record-keeping in all respects relating to a successful business cannot be over-stressed, but careful pre-incorporation expenditure record-keeping is critical. Successful VAT reclaim on goods and services will be down to your keeping careful records of your personal against business expenditure; both must be recorded separately, and remember that the expenses must relate wholly and exclusively to the business that has been incorporated. Please contact your account manager for further information about which pre-incorporation expenses may be claimed.