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Where Taxpayers and Advisers Meet

Setting up a new business *Help??*

vortexjim
Posts: 2
Joined: Sun Jan 11, 2015 4:39 pm

Setting up a new business *Help??*

Postby vortexjim » Sun Jan 11, 2015 4:48 pm

Hi folks ,

I've been employed for the last 2 years and paying tax PAYE . However since July 2014 I have been unable to work due to ill health and signed off from by the doc for this whole period.

My total income for this 2014/15 year I expect will be £8200

however throughout the year I have been considering starting up my own business and buying the tools/machinery/buisness cards etc in anticipation of starting up.

I was thinking of starting up and registering as a sole trader as of the end of this month ( Jan 2015).

Would I be able to claim expenses on all of my machinery/tools etc this year(totalling about £2500 ) and if I did so, would I expect to get any form of tax rebate/return


Many thanks in advance.

GlobalTaxAdviser
Posts: 633
Joined: Fri Dec 05, 2014 1:18 am

Re: Setting up a new business *Help??*

Postby GlobalTaxAdviser » Sun Jan 11, 2015 10:18 pm

Hi

Yes you can receive a tax deduction most likely under the Annual Investment Allowance

Refund will only be due if the business is not making any profit and you can offset the loss against previous years PAYE

Kind Regards

Sash


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