I use cash basis accounting as it is easy
If you use cash basis accounting and buy a car for your business, you can claim this as a capital allowance. However, all other items you buy and keep for your business should be claimed as allowable expenses in the normal way.
Office, property and equipment
Claim items you’d normally use for less than 2 years as allowable expenses
my tools and equipment will need replacing within 2 years as far as anyone is concerned
If you use cash basis accounting and buy a car for your business, you can claim this as a capital allowance. However, all other items you buy and keep for your business should be claimed as allowable expenses in the normal way.
Office, property and equipment
Claim items you’d normally use for less than 2 years as allowable expenses
my tools and equipment will need replacing within 2 years as far as anyone is concerned