Registering as self employed - can I retrospectively claim expenses?

Degserella

Hi, I'm about to register as a self employed semi-pro photographer. I am also employed in another profession, and my other job will be my main income source. I don't anticipate earning more than £6000 from photography in the next financial year, as it is a part-time role.

I am about to register as self employed, partly because I am about to spend £2000 on equipment for my photography business and have already spent c.£1000.

My question is: when do I state as the date I commenced self employment? I would like to be able to claim for the kit I have invested in over the last three months. Do I say I am starting now, or do I say I started 3 months ago?

Thanks!

jimmo

Hi! As a generalisation, you become self-employed when you get your first customer.
i.e. when you commence trading. Anything you spend on your business before that is called “pre-trading expenditure” and is allowable as if it was spent on the day you start trading.

stratty

You will get capital allowances on the equipment. it would be hard to claim them as a 100% revenue expense and the capital allowances will be written down over several years

Degserella

Thanks very much! That is very helpful.