Accruing profit across multiple years for large purchase

sam_lee1985 · ‎April 30, 2019

Hi Guys,

Super small business here. Just submitting my 2018 accounts. But here's the situation:

Year End July 2018 showing a small profit. In September 2018 I spend the small profit on a business trip (flights) and the purchase of new computer equipment.

Is there a way in which I can allocate the profit from YE 2018 to cover the purchases in the following year. Thus avoiding paying Corp Tax on money that was spend soon after?

Thanks for any help.

Sam

Rustler · ‎May 01, 2019

No there is not

You earned that money in that fiscal year, the next fiscal year you spent it so in the next fiscal year you will have an expense and an asset on the books.

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Accruing profit across multiple years for large purchase

Accruing profit across multiple years for large purchase

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