Could I put converted storage container workshop against my accounts (self-employed)

[RedmenWelshman]

Hi, hope you're well.

I'm considering moving my small business from the local industrial estate to a converted storage container in the garden as it'll be easier for family reasons.

Will I be able to put the cost of the converted storage container against my self-emplyed tax return as it will only be used for the business? I'm also VAT registered, I presume that I'll be able to claim the VAT?

Thanks in advance.

 

[JEREMY HAWKE]

Yes you would not have entered into this storage container transaction if you were not in business

 

[NicoJ]

Hi, hope you're well.

I'm considering moving my small business from the local industrial estate to a converted storage container in the garden as it'll be easier for family reasons.

Will I be able to put the cost of the converted storage container against my self-emplyed tax return as it will only be used for the business? I'm also VAT registered, I presume that I'll be able to claim the VAT?

Thanks in advance.

The costs you incurred renovating the container could be classed as capital which could mean no capital allowances (i.e. no tax relief). More details would be required but as the container is a permanent fixture I would think it classes as a building. Furniture etc would be claimable against your tax.

I think you can claim the VAT. This can be a very grey area though so I would caveat this by advising you to get paid for advice.

 

[UK Contractor Accountant]

Will I be able to put the cost of the converted storage container against my self-emplyed tax return as it will only be used for the business?

Think you will find its classed as a fixed structure from which your business is carried out rather than plant on which allowances are available.

You could of course move it around to different sites (meant garden!) In which case it becomes moveable plant on which allowances can be claimed.

 

[JEREMY HAWKE]

A cranable box that is intended for shipping around the world cannot be classed as a structure!

 

[NicoJ]

A cranable box that is intended for shipping around the world cannot be classed as a structure!

For tax purposes it can be. Its not being used for shipping, its being used as a permanent workshop (i.e. a building).

 

[Mark T Jones]

A cranable box that is intended for shipping around the world cannot be classed as a structure!

I can't speak for tax (but I'm pretty sure you are correct). In my world - asset finance - temporary vs Permanent structures are defined by whether they have foundations or are free standing / bolted to concrete

 

[UK Contractor Accountant]

CA22110 - Plant and Machinery Allowances (PMA): buildings and structures: shelters, huts and so on - HMRC internal manual - GOV.UK

www.gov.uk