[quote name='stingrayPete1977' post='897320' date='Jul 17 2010, 02:48 PM']I have thought about this too ,Last year for example shall we say a friend of mine lets call him Derek (Definitley not me and just happens to have all the exact same gear as me!).Well Derek plays in a few bands and probably earnt £1500-2000 with a few freebie charity do etc on top but also in that tax year had to buy a Genz-Benz rig,A pre EB Stingray bass plus stage clothing,Strings,Batteries and Petrol etc etc.So if I (sorry Derek) had declared that year as a loss would that be deductable against his regular job income? Hence making it very worthwhile as long as it never makes a profit, Which in all the years as far as I know Derek never has! [/quote]
Gear buying is capital, so you can claim for depreciation, not the whole cost, unless you blow it all up within a year.