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U
usercarla-pip
April 6, 2021
Question

I’m starting a new mobile hair business from Monday when we’re able to work. I spent a fair bit on equipment and stock but all before 6th April, can I add this to this tax year? It’s on my new business credit card which I need to pay.

  • April 6, 2021
  • 1 reply
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Original commenter did not share additional details

1 reply

J
JonpriL
April 6, 2021

Hello @usercarla-pip,

 

Yes, you have the option to include the expenses on equipment and stock as part of your transactions for the current tax year. This is because the payment information you used is now part of the current tax year.

 

With this, let's make sure to select the correct date when adding your expenses. You can do so by following the detailed steps outlined in this helpful article: Manually add transactions in QuickBooks Self-Employed.

 

However, I'd still recommend contacting your accountant for guidance in recording your expenses. If you haven't yet, here's a link you can use to find a bookkeeper near you: QuickBooks Accountants and Bookkeepers.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Help Articles for QuickBooks Self-Employed.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

U
usercarla-pipAuthor
April 7, 2021

Thankyou, it’s all on a new business credit card which I’d already linked to Quickbooks so it’s now on here on last year 2020/2021. I need to pay it by the end of this month though which I can do once I’ve started earning. Can I still add it the this year’s expenses as I only went self employed on the 6th?

J
JonpriL
April 7, 2021

Thank you for sharing additional details discussing your initial post, @usercarla-pip!

 

Yes, I'd also agree that it's best to record the expenses of the equipment and stock for the current tax year. Since you've already downloaded the transactions, let's consider excluding them so you can manually recreate them with the correct date base on the credit card payment.

 

This way, you can include these expenses as part of your tax profile for the current tax year. If you're still in doubt, it's best to confirm this scenario with your accountant for the accuracy of your accounting books.

 

Keep me updated in the comments below, if you have any other concerns. Stay safe!

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