I bought my PC BEFORE I went self employed ... can I somehow include it for Tax?

Patrick Ward, post: 17835 a écrit : The title just about says it all really but I'll give some background info.

I got laid off back in October and when my redundancy came through in December bought a PC. I hadn't planned on going full time self employed till Maybe July/August but circumstances forced my to jump sooner. I registered with HMRC at the end of January, more than a month after I bought the PC and now I'm wondering if there's any way to offset it against tax .. or something. Its used exclusively for work.

Cheers,

Pat

Hi Pat

You can claim tax relief for expenditure incurred up to 7 years prior to the business commencing as long as it would be allowed after the business had started. The expenditure is treated as being made on the day you started in business. The rules are slightly different for the purchase of an asset (such as a pc) to be used by the business, but as a rule of thumb, if the asset is unused or less than 6 months old you can claim relief on the actual cost. If the asset has been used for more than six months then you can claim for the second hand value as of the date the business commenced.

Martin
Client Services Director
The LowTax Group