Quick tax question

[CianMcLiam]

July 26, 2011 at 12:12 pm

Hi folks, I am hoping to speak to a knowledgeable accountant in the coming few weeks but have a very quick question. It seems my assumption that buying gear (spare bodies, lenses etc.) can be fully written off as a business expense is probably wrong? Does anyone know off-hand what the rules are on these kinds of expenses essential to providing a professional service, also things like more powerful pc, calibration equipment etc.

I am also looking at doing a couple of Business/Skills training workshops, anyone know if/how these qualify under expenses too?

Hmmm maybe not so much a quick question after all, but any morsels of advice gratefully received :)

[coach343]

July 29, 2011 at 10:02 am

Hi Cian,

Smaller items that can be classed as repairs and renewals can be offset in the year that it was purchased. However, items with a long life would be classes as fixed assets and for these, capital allowances can be claimed. Basically, this means that 12.5% of the cost of such equipment can be offset each year against the cost until you either dispose of the equipment or you have claimed for 8 years and claimed the full cost (8 x 12.5%).

Hope this helps,

Niall