Hi Alan, My client has been farming for many years. He has now decided to transfer his land and assets to his two sons. There were legal costs of €11K and tax advice costs of €1476 for the transfer. A partnership was then formed with my client and his two sons which will now be the trading vehicle going forward. Q 1: In preparing the final accounts for the sole trader for the final year of trading, can my client treat the legal and tax advice costs of €11K & €1476 as a revenue expense in his P & l A/C? Q 2: If no to number 1, is there any way of obtaining relief for the two expenses?
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