Allowable expenses for self assessment for things I already own

Sarah_Joanne

Can I claim on my tax return for things I owned before my self employed business started? I have quite a bit that I bought and used to practice with in advance of the business starting, and now are used almost only for business use?

I have my tax return to complete soon so wondering what I can and can't claim for. I don't have receipts for everything as when I bought some of it I didn't realise I was actually going to start a business, but I found I was good at what I did so eventually thought I should try and make some money from it!!

Thanks very much for any advice

Gertie_Walker

Yes, you can introduce pre-owned assets into the business at their value on the date the business starts. Its up to you to place the value - HMRC will not challenge anything reasonable.
You can only register with HMRC once your business actually starts. I guess EH are not fussed.

PlutoinCapricorn

HMRC do not like you to register until you have some actual offers of work, sales etc. i.e. have stated to 'trade' and proved that your idea is not an unrealistic fantasy. They also know that some businesses can't start marketing to get those sales until they have some necessary equipment. So business items bought before the official start date certainly can be claimed for.

Have you looked at https://www.businesslink.gov.uk?