I've not been on here for a little while - took part in the Three Peak Challenge last weekend then been away for the week - anyway I'm back now.
I have a potential new client who is setting up a photography business, I haven't dealt with type of business before and I was interested to see if anyone has any dealings or know if there is anything specific that I should be doing?
One thing is that the client has purchased quite a lot of photography equipment, he is not yet registered with HMRC as a new business as it is just getting started but when he does register (and will do pretty quickly) can he allow for these items even though they were purchased before the business started?
Thanks for you help and thoughts. Ann-marie
-- Edited by Ann-marie on Sunday 18th of July 2010 02:21:41 PM
well done on the 3 Peaks, was it the one in 24 hours??!
Did your photographer buy equipment recently in preparation for going self employed, i.e. pre-trading expenses or is it a whole load of stuff he has accumulated over the years? If the former, I would introduce to the business as usual at full cost and potentially claim AIA if he has enough profit in year 1 (and if you are dioing tax return). If the latter, I would still introduce into the business but at a reasonable market value (ie second hand value). ask the client to provide a register of the assets with an estimated second hand value and introduce to pool and claim capital allowances.
