Formation costs - What category?

[JBF]

Hi When setting up my business I have a number of formation costs what category do I put these into on quick file? Thanks

[QFMathew]

Hi @JBF

If it’s formation costs (e.g. the fee paid to Companies House or to a formation agent), a purchase invoice for Professional Fees should be suitable.

The following thread may be of interest to you:

Company formation prepaid expenses

I have just formed my private limited company, and starting with Quickfile at the same time. I paid for the company formation expenses with my own cash (the business bank account is not open yet). Is it correct to record the transaction as: Dr Professional Fees Cr Director’s loan a/c Also, the New purchase form has no field for VAT. Is that because my company is not VAT registered yet? (it might sound a dumb question to you… I’m a brand new user, thanks for your understanding).

[JBF]

Hi thanks for your response, but the formation costs I am referring to are the costs incurred to build a building to house a kitchen to run my cookery school/outside catering - these have been purchased from my own money prior to starting the business.

Any advise would be great.