Home – New Forums Money matters Help with my tax structure please. Reply To: Help with my tax structure please.

Paul – FS Concierge
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mynamejeff, post: 247038, member: 95516 wrote:
HI, I am a web designer creating a new start up most likely to cater for clients in HK and SE Asia. I have not decided on company structure at this stage, I’m leaning towards sole trader.

My questions:
1)First few months will be creating/drumming up business, and having to meet & greet potential clients. Obviously with this outflow of money and spending I will run a loss initially. Any advice in regards tax treatment of this initial spend? My current taxable income is below 30k, amid derived from property & stocks if this helps.

2)I plan to travel to Asia to have meetings to create business opportunities, can I claim all expenditure ( For eg. flights, accom, meals) as I’m looking for prospective clients?

3) I plan to use specific credit card to itemise my expenses for account keeping methods, will I need to keep receipts or diary, or does credit card statement suffice.?

Kind regards
Hi And Welcome to the Forums Jeff. It is great to have you!

Thank you for joining Flying Solo and posting today.

Hopefully some helpful members will be along soon with some on-point advice.