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Hey,
As a secondary occupation dJ, my main professional expenses are mainly vinyl records. I buy these second-hand or from record shops (with an invoice). When I want to process these expenses, I am unsure whether to categorise them as investments or trade goods.Although these records can last a long time if maintained in a good condition, I am thinking of a period of five to thirty years, they do not necessarily have a high individual value (ranging from approximately £2 to £100 per record).
Their long-term use makes me lean towards classifying them as investments, given their long-term use. On the other hand, the low value per record makes me lean towards classifying them as trade goods.
How can I enter these expenses correctly, both in terms of accounting accuracy and tax benefits for myself?
Thanks!