Self Assessment Expenses

jambrose
Forumite Posts: 2
Newbie

Hi,
I am PAYE, but additionally do some work on the side, for which I now need to do a self assessment. Part of this obviously is I have to provide expenses.
I bought a laptop for work which I have on 0% finance over 2 years.
On the expenses do I state the full price or the cost I have spent in that tax year?
Thanks.
I am PAYE, but additionally do some work on the side, for which I now need to do a self assessment. Part of this obviously is I have to provide expenses.
I bought a laptop for work which I have on 0% finance over 2 years.
On the expenses do I state the full price or the cost I have spent in that tax year?
Thanks.
0
Comments
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The government website states: "In most cases you can claim tax relief on the full cost of substantial equipment, for example a computer, you have to buy to do your work. This is because it qualifies for a type of capital allowance called annual investment allowance."
Claim tax relief for your job expenses: Buying other equipment - GOV.UK (www.gov.uk)
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jambrose said:Hi,
I am PAYE, but additionally do some work on the side, for which I now need to do a self assessment. Part of this obviously is I have to provide expenses.
I bought a laptop for work which I have on 0% finance over 2 years.
On the expenses do I state the full price or the cost I have spent in that tax year?
Thanks.
0 -
Technically you need to only claim the percentage used for self employment, so say 75% SE and 25% personal.If you do your SE at home then you can claim a pro rata amount too towards your utility bills, 20% for example, depending on how many rooms you have, although if you are out at work all day, that might not fly 😉
You could also claim if you have a separate phone/contract for running your business, plus the cost of stationery/printer ink etc.I would put down only the amount you’ve spent in the tax year, percentage wise, on your laptop finance.
Are you going to use Cash basis accounting?0
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