Arrgghhh capital allowances??!!??

smik_2

sorry - another question - thought i had my head around this one but just need to clarify!

ok started as s/e in april 08 so this is my 1st tax return

before i became s/e i was doing the same job but as an employee so had already acrued a load of eqipment that i use for work. I also started using my car for business and our study incl furniture/cabinets etc.
Can i bring the value of these items into the company as a s/e worker under some sort of capital allowance? and if so would it fall under Annual Invest Allowance? or is this only for new items bought in the tax year for which you have receipts??? if not AIA what would it fall under?

hope this makes sense - HMRC are saying it will take 7 days for an adviser to call me back!

thank you
karen

fengirl_2

Yes, you can introduce the equipment and car at their values at the date you started. Only new items qualify for AIA, so you will need to claim capital allowances.