paul1966 Posted February 2, 2019 Report Share Posted February 2, 2019 quick question for those that might have done this, i am closing my small self employed business this year, by small i mean only me and average earnings less than 4k/yr, this year only a few hundred quid, the main asset is a computer that was purchased about 7 years ago for about £800, so with depreciation the value of it is very little, virtually scrap value as it needs repairing anyway. does this still need to be considered for capital gains or can i right it off? Quote Link to comment Share on other sites More sharing options...
millrace Posted February 2, 2019 Report Share Posted February 2, 2019 Rite off...obselete Quote Link to comment Share on other sites More sharing options...
grrclark Posted February 2, 2019 Report Share Posted February 2, 2019 It depends on what you have submitted in your annual accounts to the revenue, have you continued to show it as an asset on your balance sheet? If yes then you need to account for it, if no then you don't. Quote Link to comment Share on other sites More sharing options...
paul1966 Posted February 2, 2019 Author Report Share Posted February 2, 2019 no i have not showed it as an asset so i will just right it off, thanks all. Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted February 4, 2019 Report Share Posted February 4, 2019 IT equipment can be written off over either one or three years I think. Shouldn't be a problem at all at six years as it will have no significant value. Quote Link to comment Share on other sites More sharing options...
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