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Selling/replacing company-owned smartphone

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    #21
    Buy phone outright through business. (Unlocked)
    Pay business calls through business. (Or all calls if contract in company name)
    Replace phone when new model comes out. (Every 2 years average)
    Write off old phone (eBay, spares) 👍

    Comment


      #22
      Originally posted by TheCyclingProgrammer View Post
      Did you read the page I linked to on balancing charges?

      If the item wasn't treated as an asset, then its a simple sale and YourCo accounts for VAT and CT on the sale.

      If it was an asset, YourCo accounts for VAT and has to account for any balancing charge on the profit (effectively the difference between what you claimed in capital allowances and what you've sold it for, or the market value if sold for less).

      If you want to do this properly, why don't you speak to your accountant?

      If you aren't bothered, why don't you take some time to think about it and make sure you don't accidentally lose the device in the meantime.
      I think you mean drop it down the toilet so it's useless.
      "You’re just a bad memory who doesn’t know when to go away" JR

      Comment


        #23
        Just researching options on this one - before I "ask my accountant":

        Maybe looking to dispose of a company asset before it's fully depreciated - a phone !

        Assuming I could sell it, but would then need to include VAT in the sale.

        Assuming it could be part-exchanged as part of the transaction of buying a new phone.

        Anyone done something similar ?

        Comment


          #24
          Originally posted by Spoiler View Post

          Anyone done something similar ?
          Your accountant.

          You've got to speak them re your other problem. Drop this one on them as well.

          HTH
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #25
            Originally posted by northernladuk View Post
            Your accountant.

            You've got to speak them re your other problem. Drop this one on them as well.

            HTH
            Nope

            Comment


              #26
              If you want I do anything like part exchange it would be simplest to sell it to yourself for a reasonable market value and account for VAT on that sale. Once it’s yours you can do what you like with it including selling it on without having to worry about VAT.

              Comment


                #27
                Originally posted by Spoiler View Post
                Just researching options on this one - before I "ask my accountant":

                Maybe looking to dispose of a company asset before it's fully depreciated - a phone !

                Assuming I could sell it, but would then need to include VAT in the sale.

                Assuming it could be part-exchanged as part of the transaction of buying a new phone.

                Anyone done something similar ?
                Nope, I almost always donate mine to either my butler, chauffeur or groundskeeper.
                And the lord said unto John; "come forth and receive eternal life." But John came fifth and won a toaster.

                Comment


                  #28
                  Originally posted by TheCyclingProgrammer View Post
                  If you want I do anything like part exchange it would be simplest to sell it to yourself for a reasonable market value and account for VAT on that sale. Once it’s yours you can do what you like with it including selling it on without having to worry about VAT.
                  Seems a straight-forward solution that, thanks !

                  Comment


                    #29
                    Originally posted by b0redom View Post
                    Nope, I almost always donate mine to either my butler, chauffeur or groundskeeper.
                    Can you donate a company asset if it hasn't fully depreciated ?

                    Comment


                      #30
                      Originally posted by Spoiler View Post
                      Can you donate a company asset if it hasn't fully depreciated ?
                      Only if you trust your butler won't tell anyone.
                      'CUK forum personality of 2011 - Winner - Yes really!!!!

                      Comment

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