Start up business, bookkeeping question?

[shefy]

Hi
I've recently started up as a mobile therapist after having been made redundant from my full time office job, and have had help re business plan, marketing and bookkeeping from business gateway.
I have excel spreadsheet from them to record income and expenditure which I am just starting to record.
Pre trading I have used my own finances to buy products to start the business with.
On the spreadsheet I have columns for opening balance, Income received, bank and cash. My question is do I record the money that I've spent before I started to trade? If so what do I record this as?
I have checked the business gateway website for any info, but can't find anything.
Many thanks for any advice.
Shelly x

 

[jes]

The day you started as self employed doesn't have to be the day you started trading.

Start your accounts from the day you started spending money on your business

HTH
jes

 

[Ruth Mills]

Yes, you should record any money spent that was required to set up your business. It will be in your interest to do so, as you should then be able to claim it back as expenses once you start bringing in an income. And, as business expenses are normally tax-free, this should consequently reduce your tax bill...

 

[Melanie89]

hi, i have the same spreadsheet and on mine i have the 12 months and before them a Pre Start page, where u record anything you paid for before u started, i wasnt aware you were allowed to include it so the bookkeeping course helped me loads! hth xx

 

[shefy]

Thanks all for your help, I've found the pre-trading page on my spreadsheet, so will enter costs in there.
Shelly x