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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am a musician and purchased two instruments that are hired

Customer Question

I am a musician and purchased two instruments that are hired to students. Does this come under the standard income and expenses or does it need to be part of another section of my self assessment?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Are you self-employed?
Customer: replied 2 years ago.

Yes

Expert:  TonyTax replied 2 years ago.
Thanks.

You can claim the cost under the capital allowances section of the self-employment pages SA103 here or here, depending on whether you complete the short of full pages. You can write the cost off in one year under the Annual Investment Allowance rules or over a period of years under the writing down allowance rules which you can read about here.

I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 2 years ago.

Hi again. It's been a few days since I answered your question. Is there anything you need further clarification on?