I am currently working as a sole trader in the IT industry (although I may have to switch being a limited company soon). I am looking at picking up a few essentials (laptop, printer other sundry IT items of use in my work).
I had thought that items like these would count as expenses but it has been mentioned in passing that actually these items would have to be depreciated over the lifetime of their use (a number of years).
Does anyone know if this is the case? I had thought these would be an expense to be applied against my gross income for the year after which I work out the amount of tax due to be paid on that income.
Are there any definitive lists of items that can be expensed and how to treat them (straight expense or item that can only be depreciated) freely available?
Thanks for any help on this.
I had thought that items like these would count as expenses but it has been mentioned in passing that actually these items would have to be depreciated over the lifetime of their use (a number of years).
Does anyone know if this is the case? I had thought these would be an expense to be applied against my gross income for the year after which I work out the amount of tax due to be paid on that income.
Are there any definitive lists of items that can be expensed and how to treat them (straight expense or item that can only be depreciated) freely available?
Thanks for any help on this.