Start-up assets

[steve999]

Hi,
I have recently commenced a home & garden services company, registering with HMRC as self-employed. However, despite searching their extensive database I have been unable to discover how to account for the many hand and power tools I have amassed over the years and will be using for the benefit of the business. Should I make a detailed inventory and 'sell' them to the business at a nominal amount? (This will be a real pain due to the number of small value hand tools!) Or is there a more expedient method, or indeed, has anyone got other suggestion/s?

[Tom Braider]

You will be able to claim Capital Allowances on a notional value for all the items collectively. It would be OK, I think, to use a realistic estimate of what you would get for the whole lot if you were to sell them on the open market. (You can't base your claim on the original or replacement cost.) Here's a link that may be useful

http://www.businesslink.gov.uk/bdotg/action/de tail?r.l1=1073858808&r.l3=1073868259&r.t=RESOU RCES&type=RESOURCES&itemId=1073789928&r.i=1073 789931&r.l2=1073859194&r.s=m