Self employed - income, expenditure, profit.

jj0076

Hi,

I'm hoping someone can help me out with what should be a fairly simple question....

I'm just starting up a self emplyed photography business, to run along side a (for now) full time job and I'm just starting to work up some estimates on what I can expect to turnover vs what I will have to spend. So, for kit that I've specifically purchased I can obviously record my purchases as business expenditure...but what about kit that I already own? I have a number of cameras, some which are pretty well worn but still performing very well. How do I record these against my expenditure? Do I use second hand value, or some sort of depreciation value based on the orignal purchase? It kind of seems wrong to enter it as a £1000+ purchase when in actual fact I have already owned it for 4+ years. But at the same time I don't want to move my personal kit into my business without recognising the fact in some way.

Can anyone tell me how this process normally works when people turn pro in their chosen field?

Thanks in advance.