I have just started up & looking for more clients now. I wanted to know what I can claim on my tax return. Can I claim for taxation books that I have recently brought (for self assessment returns). I have brought these for this upcoming tax year & feel that I use them all the time as reference books.
Also, I have just converted my dining room into part-office now & have had the expense of buying new desk, chair, etc. Can I also claim for these as a type of capital expenditure allowance?
in addition to Peter's information. The general rule used by the revenue is that for items to be allowable they must be used wholly and exclusively for the business.
They must be necessary purchases for the business and should not be purchases for learning something new, only enhancing skills that you already use for raising revenue for the business.
If your business is bringing in revenue by giving tax advice then it would be acceptable that something like Tolleys Tax guide and / or Melville's Taxation would be an expected annual purchase.
With furniture Peters first link is an excellent starting point for you.
By the way Peter, thanks for the second link. I'd not visited that page before and it gives some excellent examples.
Talk soon,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Ah guys, thanks.. Looks like some more reading up to do then. Yes, the furniture that Ive brought is used solely for business use & I wouldnt have had to purchase this otherwise. Ill take a look at those links now.. Thanks again !
