Accounting · Pre-trading Expenditure
Lili Ltd started trading on 1 January 2024. The company incurred the following expenditures prior to that date under UK tax rules: - 30 November 2016: Initial market research (£15,000) - 6 June 2019: Research into competitors (£12,000) - 31 July 2023: Entertaining potential customers and suppliers (£8,000) - 15 December 2023: Donation to local school fair in exchange for advertising (£2,000) What is the total amount of Lili Ltd’s deductible pre-trading expenditure for the year ended 31 December 2024?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1£29,000
- 2£27,000
- 3£14,000✓
- 4£10,000
Correct answer
£14,000
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