Can anyone tell me how to handle the purchase of office equipment ie a computer in a sole traders annual return?
For example lets say that the earnings are 50,000 and a computer was purchased for 1,000. Can I take the 1,000 from the 50,000 and pay tax on the 49,000 or do I have to spread the cost out over more than 1 year and if so how should I do this.
Thanks
For example lets say that the earnings are 50,000 and a computer was purchased for 1,000. Can I take the 1,000 from the 50,000 and pay tax on the 49,000 or do I have to spread the cost out over more than 1 year and if so how should I do this.
Thanks