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  • FIRST POST
    • Sncjw
    • By Sncjw 7th Sep 17, 6:15 PM
    • 1,471Posts
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    Sncjw
    Equipment costs for new business
    • #1
    • 7th Sep 17, 6:15 PM
    Equipment costs for new business 7th Sep 17 at 6:15 PM
    Hi all I'm in the process of learning what I need to do to set up a business. I have a question can I use a equipment purchase as part of my expenses if I bought it prior to registering the business under the cash basis accounting. It just says about a car.

    The equipment would be a photography studio kit. Also some backdrops.

    Thank you for your help.
Page 1
    • jobbingmusician
    • By jobbingmusician 7th Sep 17, 6:17 PM
    • 18,783 Posts
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    jobbingmusician
    • #2
    • 7th Sep 17, 6:17 PM
    • #2
    • 7th Sep 17, 6:17 PM
    IIWY I would contact HMRC and see if they run any of their helpful online tutorials for people 'thinking' of starting up a business. Just the sort of question they will like, and be helpful in answering! (I think the answer is probably 'yes', BTW.)
    I'm the Board Guide on the Matched Betting; Referrers and Jobseeking & Training boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.

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    • Sncjw
    • By Sncjw 7th Sep 17, 6:24 PM
    • 1,471 Posts
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    Sncjw
    • #3
    • 7th Sep 17, 6:24 PM
    • #3
    • 7th Sep 17, 6:24 PM
    Thank you. I was going to contact them when I get home. Just thought to message on here while on commute home
    • Pennywise
    • By Pennywise 7th Sep 17, 7:17 PM
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    Pennywise
    • #4
    • 7th Sep 17, 7:17 PM
    • #4
    • 7th Sep 17, 7:17 PM
    How long before you started the business did you buy the equipment and did you use it personally (ie as a hobby)?

    There's a difference between buying something, say, a month before starting, "in anticipation" of starting the business, as opposed to buying something a year before that you've used for personal use and are now going to start using it the business too.

    Full tax relief for the former, much reduced tax relief for the latter.
    • Sncjw
    • By Sncjw 7th Sep 17, 7:50 PM
    • 1,471 Posts
    • 874 Thanks
    Sncjw
    • #5
    • 7th Sep 17, 7:50 PM
    • #5
    • 7th Sep 17, 7:50 PM
    I bought it to start a portfolio to post on a separate social media page to try and get people interested in my photography.
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