Back claiming asset

Hi. Just wondering if anyone could help.

I’m self employed and just about to purchase a peice of machinery, is it possible to enter some of this expense into last year’s self assessment to reduce my tax liability?

Thanks for any advice.

This is a question for your accountant.

My (layperson) understanding is that you can’t claim capital allowances retrospectively on last year’s SA return (the one that is due this coming January), but when it comes to completing this year’s return (due Jan 2024) if you claimed AIA there and the result was a net loss for 2022-23 then you could offset that loss against 2021-22 profit. But it might not make sense to do so as using the full AIA to show a net loss means you “waste” your income tax Personal Allowance for 2022-23 - it’s a complex trade-off and the person best placed to advise on your specific circumstances is your own accountant.


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