Self-employed: confused about capital allowances et all

Doh

thanks for the info, i never realised that, i've been running my own part time business for only a few years so hadn't got that far

Doh

hmm... just been doing some more research in this and it would appear the info in this thread has changed for 2008-2009 tax year

the 1st year 50% has gone and the 25% in other years is reduced to 20%

however under the new "Annual Investment Allowance " scheme the first £50,000 is 100% - which is great news for me with a small turnover, though i suspect there will me more loosers than winners

Dealwithit

sdooley wrote: »

Unfortunately, the Revenue helplines are always very busy at this time of year. May be telling chickens to suck eggs but have you tried:

http://www.hmrc.gov.uk/selfemployed/index.shtml

in particular:

http://www.hmrc.gov.uk/helpsheets/hs222.pdf

Just deleted my post of the same;)

Debt_Free_Chick

As the cost is only £275, I wonder if it would count as "small office equipment" and therefore allowable as an expense.

It hardly seems to be what one would generally class as an asset!

With self-assessment, one could claim it as an expense, in good faith - the only issue arises if one's affairs were subject to inspection.

Thoughts?

Doh

Debt_Free_Chick wrote: »

As the cost is only £275, I wonder if it would count as "small office equipment" and therefore allowable as an expense.

It hardly seems to be what one would generally class as an asset!

With self-assessment, one could claim it as an expense, in good faith - the only issue arises if one's affairs were subject to inspection.

Thoughts?

based on the new AIA rules even if they did take a dislike to it, its still claimable 100% in the year of purchase... okay so its in a different box on the SA... its hardly worth their time (and cost) to quibble IMO

gallantmara

If I had a computer before I became self employed and it is now used for business purpose more than for personal - is it possible to write it off?