Capital Allowances

Discussion in 'Accounts & Finance' started by kirstie27488, Jul 9, 2010.

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  1. kirstie27488

    kirstie27488 UKBF Newcomer Free Member

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    Hi all,

    With regards to capital allowances, if i have just set up as a sole trader and use my personal computer and desk etc for work purposes, can i include these in my capital allowances?

    I did not buy them for business, i already owned them.

    Please help.

    Thanks
     
    Posted: Jul 9, 2010 By: kirstie27488 Member since: Apr 6, 2010
    #1
  2. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,337 2,506

    Yes you can.
     
    Posted: Jul 9, 2010 By: MyAccountantOnline Member since: Sep 24, 2008
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  3. Ray_Stewart

    Ray_Stewart UKBF Newcomer Free Member

    80 21
    I always suggest writing out a list of equipment and putting a realistic value at the side of each item. Give this to your accountant and it is then used as part of your overall investment into the business at commencement.

    Doing this saves any arguements from HMRC later on about exactly what you did put into the business and at what value.
     
    Posted: Jul 9, 2010 By: Ray_Stewart Member since: Mar 8, 2010
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  4. cheryl85

    cheryl85 UKBF Newcomer Free Member

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    hi
    so if you was a sole trader and you ran a hardware store and took £720 off tools which i was going hire out and £600 which was going for resale would any of this go into the capital account
     
    Posted: Oct 5, 2010 By: cheryl85 Member since: Oct 5, 2010
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  5. mr. mischief

    mr. mischief UKBF Newcomer Free Member

    238 58
    Yep, it would. On one side of the balance sheet these tools are your stock-in-trade. On the other side they are an increase to Owner's Capital.
     
    Posted: Oct 5, 2010 By: mr. mischief Member since: Sep 2, 2009
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