Claiming Taxes on business expenses?
I have a health and fitness website that i’ve been developing for the past three years. It’s registered with the county as a business. I haven’t been getting any money from the website as yet because as said before it’s under development. I would like to file my taxes and include those reciepts, should I claim those expenses as personal or as a business claim? keep in mind that the money I use to develop the site is from out of pocket and not from theactual return of the business, because I’m haven’t been getting any return.
you would have to claim them as business expenses but as yet you dont have a trade – in the UK your business not having started up could only carry the expenses forward to next year and claim then.