Theses are the things I have equipment wise, but I try not to buy unless I'm going to use it ets...So i'll list the most used first as these might come first on your list...
Baking Tins - Round & Square are most used, all others are novelty - I have the Silverwood multi square tin, which I recommend for starting out! Its about £30 but worth it and comes flat packed for easy storage!
Bowl & Several Spoons - You may already have these in the cupboards, but I have specific wooden spoons for my baking
Scales - I have a digi set, only a cheapie but v.useful
Rolling Pin
A Smoother
Pallet Knife
A cake leveller
Craft Knife, Tweezers & Toothpicks - These help with small detail
Tappits, Cutters & Plungers - I have the alphabet in 2 different fonts at the min, I buy as I need as well as a lace/frill set. I also have a set of Round, Square & Heart cutters that came tinned and I have butterflies & flower Plungers.
Edibles...
Sugar Paste - aka Fondant / Ready to Roll icing
Sprinkles
Food Colouring
Think thats it! I cant think! lol