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Posted Fri, 02 Jul 2021 14:55:10 GMT by Alex98765
Could you please help me. I am registered as sole trader in photography business and using cash basis accounting method. Currently planning to sell my 2 years old camera which was previously claimed as a business expense and buy a new one. Do I need to show the money (I receive after camera sale) as an income of my photography business in my next self assessment form and pay tax on that sum? Thank you.
Posted Tue, 06 Jul 2021 08:00:51 GMT by HMRC Admin 17

As using the cash basis accounting method, you would add the amout you receive for the old camera and in the expenses section put the amount of the new camera (less any personal use if appropriate) .

Thank you.

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