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  • Tax - Election for pre-trading debits
    Election for pre-trading debitsCosts incurred on financing your company, e.g. loan interest, before it starts to trade are classed as non-trading debits. Normally, tax relief for these can only be  obtained by offsetting them against non-trading credits, e.g. interest received, receivable after trade commences. However, an election can be made to obtain tax relief sooner. General ruleWhen a company is formed it will usually spend time and money before trading starts. This might include financial costs, e.g....
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