UK New Small Limited Business

Jul 29, 2020
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United Kingdom
I was made redundant three years ago and just set up a new limited company as, by some kind of miracle, I just got some small consultancy work. I'm planning on doing this for one customer from my home office; I was told I am borderline choice re ltd or sole trader as turnover estimated only about £37K this fiscal year. I have set up a website and am advertising my services to other companies too top help avoid IR35 issues. I just opened a new business bank account and now wondering what I'm allowed to buy and are they allowable as business expenses and the treatment of it for tax, etc.

I will need new office equipment, computer, mobile phone, desk, etc. and I don't know the most efficient way of doing this and how to get invoices, contracts set up (eg do I need to set up a new SIM card contract in the company name or can I just get my current SIM (personal number) paid)…is all of it allowable if I have personal use on these items too, how do I handle depreciation.

Finally I bought an expensive chair on ebay personally a month ago which I'd like to use for the business and I'm not sure if I'm allowed to put that 'through the co.' and reimburse myself? also how do I handle it in the accounts for depreciation etc?

Looking for any help and trying to do my own accounting too as studied accounting about twenty years ago...brave I know!!

Think that's it for now ! thanks for reading :)


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