Recent content by Willow90

  1. W

    Self Employed Musician, expenses.. what am i allowed?

    Think this makes sense. So if you have a preowned item worth £10,000 you can transfer it into your self employed business; you can claim 18% Write Down Allowance (£1,800) in year one. In year two you can claim 18% of £8,200 etc etc. If you cease trading and the item is now worth only...
  2. W

    Self Employed Musician, expenses.. what am i allowed?

    Thanks to all for the discussion and advice. So just to be clear (sorry for being slow at this) If one transfers in an asset at 18% per year that is worth £5,000, if you stop being self employed and the asset is now worth £6,000 you will be liable for tax on the £1,000 increase in value (so...
  3. W

    Self Employed Musician, expenses.. what am i allowed?

    Thank you for the example; that makes sense, but is that only if the asset is bought in this tax year, I was under the impression that if it was previously owned and was being 'transferred in' it had to be at 18% per year using WDA as you cannot use Annual Investment Allowance on assets that...
  4. W

    Self Employed Musician, expenses.. what am i allowed?

    Hello, sorry I don't want to hijack thread (especially with my first post!) but thought I'd post here as have a few questions on similar issue. I understand that with musical equipment bought before the a person's first year as self employed can be brought in as an asset using the Write Down...
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