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Start-up costs

IVDS
2025-05-30

Question

I have had my company number since 1 April 2025. However, in 2024, I already did a lot of purchases, from machines (leatherworking) and other materials to design/make my prototypes. Is it correct that it is better to include these costs in the 2025 financial year with the note ‘start-up costs’ instead of including them in the 2024 financial year when they were actually incurred? Apparently, this would be more convenient from an administrative point of view.

Since you have just started your business, there is no financial year '24 for you. You can still enter these costs now, but you will not be able to recover the vAT as you made the purchases without a VAT number. However, you can enter the full amount as an expense.

Fine, thank you!

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You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.

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