tools and equipment already owned at start of a business, a valuation can be made and claimed as an expence.
where would this be entered?
Hello Gordon,
You usually cannot claim the full value of your tools and equipment as an expense. Instead, you record this as an asset (click menu File > New > Account) with the appropriate opening balance. At the end of your financial year, you can record a depreciation charge (ie. an expense) for a percentage of the value of the asset as described here:
http://www.solaraccounts.co.uk/help/how-to-record-depreciation-of-an-asset.php
You may need to contact your accountant or tax office to determine exactly how much depreciation you can claim.
Regards,
