Claiming computer on tax return

SelfSuz

Hi, I bought an Apple Mac in August 2011 for just under £1,000, how do I claim this back in expenses and which parts of the tax returm form do I fill in? I've looked on the HMRC website but it sends my head in a spin!

Thanks

sequence

Are you self employed ?

SelfSuz

Hi, sorry it's taken so long to get back to you. Yes, I'm self-employed...

Thanks

sequence

It's added to your other expenses like buying stock etc. Probably be best to ask in the small business forum to be sure though.

Mistral001

It is not about "claiming back" tax. You only pay tax on profit which is income minus expenses. So when you work that out at the end of the year, job done.

InsideInsurance

Im not sure I'd agree with the above in that it is a capital purchase and not a business expense. Whilst you can deduct some/ all of it from your turnover it is not always as straight forward and I'd suggest checking with someone whos more clued up.... is this your first year of trading or not?

SelfSuz

Thanks for all the replies, this is my third year of trading, as far as I can make it it comes under plant and machinery so is capital expenditure, would that then be 20% of cost of mac for first year. The bit that's confusing me is Annual Investment Allowance - don't know if this applies to me...