Starting up

[Jameslittle95]

Hey I'm going to go self employed (plastering) so I need to buy my own power tools. I I buy the all now whilst employed, once I have gone self employed can I then claim the tax from the tools to be deducted from annual tax from 1st year of self employment? Or should I just save all the money for tools, go self-employed and then purchase the tools?. Thanks for reading, any advise be a great help

[GlobalTaxAdviser]

Hi James

Yes you can claim. See http://www.hmrc.gov.uk/manuals/bimmanual/bim46351.htm

If claiming capital allowance then best not to elect cash basis

Kind Regards

GTA