u deffinately need one. u can claim each year for depreciation of vehicle and tools . they will advise u of what u can claimThanks rtb. Brought all this equipment from my own pocket and just think the business should be paying for it. Really need an accountant now!
I would buy them into the business from yourself at the market value and add them into the capital allowance pot, just as you would if you had bought them from a second party.
If it were me I'd work out the written down value of the items as of when you officially went self-employed and claim from there.
Brought all this equipment from my own pocket and just think the business should be paying for it.
Easy - You sell the equipment to the business.
This is what I was thinking but is it a simple case of me writing a receipt to myself? Would HMRC not get a bit suspicious?
u will be going of shore then and not to workAn Accountant is really a must in any sort of business. Ours effectively pays for himself by knowing how to (legally) sway things and set things up to be 'tax efficient'.
No, you're not doing anything wrong, YOU bought it, your COMPANY buys it from you....makes sense.
I've done similar, but all our kit is now owned by another company (mine) and leased to the other company (mine).
An Accountant is really a must in any sort of business. Ours effectively pays for himself by knowing how to (legally) sway things and set things up to be 'tax efficient'.
The OP is self-employed so he doesn't have a company, but it's still OK for him to invoice himself to transfer personal property to business use, but then of course if he uses for himself he has to declare payment in kind, OR hire to himself OR keep quiet.
a good accountant will save you far more then you pay them and know absolutely everything you can claim for, and you will be surprised what you can claim for