Equipment costs for new business

Sncjw

Hi all I'm in the process of learning what I need to do to set up a business. I have a question can I use a equipment purchase as part of my expenses if I bought it prior to registering the business under the cash basis accounting. It just says about a car.

The equipment would be a photography studio kit. Also some backdrops.

Thank you for your help.

jobbingmusician

IIWY I would contact HMRC and see if they run any of their helpful online tutorials for people 'thinking' of starting up a business. Just the sort of question they will like, and be helpful in answering! (I think the answer is probably 'yes', BTW.)

Sncjw

Thank you. I was going to contact them when I get home. Just thought to message on here while on commute home

Pennywise

How long before you started the business did you buy the equipment and did you use it personally (ie as a hobby)?

There's a difference between buying something, say, a month before starting, "in anticipation" of starting the business, as opposed to buying something a year before that you've used for personal use and are now going to start using it the business too.

Full tax relief for the former, much reduced tax relief for the latter.

Sncjw

I bought it to start a portfolio to post on a separate social media page to try and get people interested in my photography.