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All capital purchases have a first year allowance which in the past has been 100% but it might not be now for Plant and Machinery (the category gig equipment would fall into). If the first year allowance is not 100% then the balance is claimable as a writing down allowance year on year until the whole value of the asset has been claimed.
Basically its a pain in the arse working this out, its the one thing I get my accountant to do for me. I used to run a spreadsheet to keep track of the asset pool for my business (no music related) but I gave up as I was always wrong compared to the accountant.
It has been the case that a First Year Allowance of 100% has been allowed on certain Plant and Machinery, IT equipment for example. I'm not sure if this still applies. It might well be that the FYA is now 40%. So on purchase 40% of the cost goes into your Capital allowance claim. The value of said asset is then reduced by 40% . The next year you will be able to claim a further allowance of say, 20% of this reduced value, and the asset value is then further reduced by 20% so its 'pool' value is now lower again. You keep claiming this way until you either dispose of it or write it off or its value is insignificant.
So in essence there are two values of an asset, the value against which you can claim to lower your tax liability, your capital asset allowance, and the value to the business if it should sell up and dispose of all assets which have depreciated since they were acquired.They are not the same thing. Depreciation is a real world term, a capital asset allowance is just between you and HMRC.
Seriously: If you value it, take/fetch it yourself