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Claiming tax back for computer equipment

97 Posts
in Cutting tax
Hi all,
After much searching on Google I thought i would ask here as I cant find the answer. In the last 2 months I have become self employed and I have realised alot of my computer equipment is out of date.
I want to buy a new set up however I have heard that you cannot claim tax back for the equipment straight away as it is staggered over several years. I am only planning to be self employed for one or two years so forking out a lump of cash I may not get back is a bit of a risk.
Does anyone know if that is the case?
Thanks in advance
After much searching on Google I thought i would ask here as I cant find the answer. In the last 2 months I have become self employed and I have realised alot of my computer equipment is out of date.
I want to buy a new set up however I have heard that you cannot claim tax back for the equipment straight away as it is staggered over several years. I am only planning to be self employed for one or two years so forking out a lump of cash I may not get back is a bit of a risk.
Does anyone know if that is the case?
Thanks in advance
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Replies
Mind you, remember that you don't get the cost of your equipment back, you only get tax relief on the cost.
Thanks for the reply.
Ah great, its good to know I need to be searching for the term Annual Investment Allowance, that helps alot.
By tax relief do you mean, if I buy a £500 pc, I wont have to pay £500 of taxes?
Capital allowances are pretty much the tax world equivalent of depreciation.
For a few years there was a 100% allowance on IT kit - alas, not any more!
http://www.content4reprint.com/finance/taxes/business-tax-reform-in-the-uk-introduces-annual-investment-allowance.htm