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December 28, 2023
Question

Expenses during a period with no work

  • December 28, 2023
  • 1 reply
  • 0 views

Hello, 

 

Question: If I wasn't working during a period of time but I still had expenses for my trade, can I claim for expenses during this period or can you only claim expenses from the month you started earning? 

 

Thanks

1 reply

December 28, 2023

I've got the answers you need regarding the expenses in QuickBooks, TJA1234. 

 

In QuickBooks Self-Employed (QBSE), you can record expenses for your business even if you weren't actively working during a specific period but still had expenses. The program enables you to monitor and claim expenses incurred for your business, regardless of when you began earning. Therefore, you can keep track of them during this time.

 

You can track and declare business expenses by navigating the Transactions tab to categorize and monitor your expenditures. Furthermore, you can utilize the Tax tab to guarantee that all eligible costs are accounted for when filing your taxes.

 

For detailed information on managing your expenses, refer to this blog: Self-employed business expenses: all you need to know.

 

Visit this article if you need to unlink your accounts and remove all associated transactions or tidy up your records in QBSE: Delete bank and transaction data in QuickBooks Self-Employed.

 

I'm here to help if you need assistance or have more questions about expenses. I'd be pleased to help you clear things up. Keep safe.