Self Assessment

Shaun19660_1

I'm just doing my self assessment forms for a part time business (Electrician). I'm unsure what or where i should categorise certain assets or materials.

For example,

I have purchased hand tools, power tools that may have a 2-3 plus life span, do i write them down over the 3 years (expected life time) ie 30% per year. What happens if the tool lasts longer or shorter than 3 years. I consider these to be assets of limited (unknown) life. Also some of these tools cost only about £15-20 each and may only last about a year.
Are these really assets or are they consumables? which brings me to the next question

Are consumables put down as materials against a job(s). Can i claim them fully?

Computers have a 30% write down against them, but what about software and computer equipment such as additional hard drives and cables, do these all fall in the computer category.

Does anyone know of a definitive list of items and what categories the IR consider them to be in.

Thanks:beer:

fengirl_2

As a general rule, I would count small tools of uner £100 as a revenue expense and anything over that claim capital allowances on. if they last longer than the number of years capital allowances claim, that does nto affect your claims.
You include all your materials and consumables. Software and IT equipment are capital.
Generally, if an item lasts more than a year, you write it done, but there is no list as the onus is on you to produce accurate accounts. If in doubt, you should consult an accountant.