tax back on computer equipment - is it possible?

[Deevo]

Hello, I have just left full-time employment (have toddler) to start working for myself - thus I shall be filing on-line tax returns each year.

I need to buy a whole lot of computer equipment for a new freelance job. Probably around £3ks worth. It will be used by me in the house, but also a little by my husband too.

Qu: can someone in my position (I think I would be known as 'self-employed'?) claim the tax back on this equipment (it must come to around £500+)?

The other option is that I ask my husband to buy it on my behalf since he owns his own company and CAN claim tax back. In fact, would he be able to claim more back than a self-employed person?

Sorry for my basic question! TIA.

Tax Allowances and Reliefs if you're self-employed

It will probably be capital expenditure Deevo - see an accountant. Not worth saving a few quid on a properly qualified person when it can cost you dearly if you get it wrong.

Your husband's company cannot claim for equipment that is not going to be used for the business of the company - that would be fraud. Does your husband have an accountant? It is usually best if one person advises on tax for all family members and owned companies.

Failing that you can claim Annual Investment Allowance for up to £25,000 of capital expenditure in 2012/13: if your profits in 2012/13 are more than £8,000 the tax saving on £3,000 of AIA is at least £870. Note that the amount you can claim is reduced proportionately for any non-business use. You also need to register as self employed and start paying Class 2 National Insurance - Business Link is a good place to find out more.

Many thanks to you all for your helpful advice. Thanks Mr A for your important information - very kind - and to Cogito for the link.
Yes, I will look into getting an accountant now - thanks Miss and Mr!

You need to see an accountant. You can't "claim tax back" but set it off as a tax-deductable expense. May be better to put it through as an asset of the company and then build in depreciation - the accountant will work out the best way of doing it for you.

My accountant saves me waaaaayyyyy more than I pay him :) I just wrote off £25k+ of tax deductible expenses.

Sorry just seen you said you will be seeing an accountant! :)