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Claiming expenses for assets (tools and equipment)

10/01/2018 16:51:38
Can I now claim the full expense of all tools and equipment in the year of purchase if the total amount of the asset pool is lower than the threshold for that period?

Are there any exceptions? Mine are mainly sewing machines, storage, office equipment and craft tools.

If I acquired the equipment as a pre-trading expense, do I need to apply the rule/threshold for the year it was acquired or will they all come under the rule for the year my business commenced trading?
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Claiming expenses for assets (tools and equipment)

11/01/2018 10:47:05
Hi there, any expenses made during trading can be claimed in full if they meet the criteria as an expense to the business. For pre-trading expenses I have attached a link that will give you an overview of how it works and an example.

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim60660

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