Self Employment Tax Question

banja · 16 Oct 2023 at 12:06

If (as a sole trader / not ltd) I sell on work equipment after some time of use, that I have previously declared as a capital expense and therefore received tax relief on that purchase, do I have to declare the income from that sale as taxable income?

As you can assume, I don't have an accountant - I don't earn enough to warrant or justify one. I searched for info on this subject but couldn't find an answer.

dlockers · 16 Oct 2023 at 13:40

Yes @ 10% iirc (asset disposal).

Maccy · 17 Oct 2023 at 12:23

I think it depends on said time period? My accountant previously told me that 3 years was acceptable for asset disposal but I go on 4 years now.

banja · 17 Oct 2023 at 13:15

Maccy said:
I think it depends on said time period? My accountant previously told me that 3 years was acceptable for asset disposal but I go on 4 years now.

Thanks. Good info.