How to claim cost of laptop on HMRC online corporation tax return/accounts submission

[TheCyclingProgrammer]

I agree, add in as an asset and then claim AIA.

Don't forget to also put depreciation in the accounts for the asset.

And add back the depreciation when calculating taxable profits!

[SueEllen]

And that's what I thought. Not the advise bit of course, but oddly enough both accountants moved sub £500 purchases to assets in the two cases I can remember.

Same as mine.

[TheCyclingProgrammer]

£1k is the cutoff for me as far as assets goes. So things like phones and tablets go to the profit and loss as expenses but laptops would always be assets for me.

[northernladuk]

£1k is the cutoff for me as far as assets goes. So things like phones and tablets go to the profit and loss as expenses but laptops would always be assets for me.

What about the sons car then. The company bought it for 12k so should I buy it off the company for say £10 and then sell it back to the company for £999 so it's not an asset?

[Michael at BI Accountancy]

And add back the depreciation when calculating taxable profits!

Yes this also!

The 'asset or expense' query is one that needs to be looked at in comparison to the size of the business. Firstly you need to decide whether or not it is material, also the lifetime expectancy of the item and if applicable you need to be consistent in your approach (i.e. if you have purchased something similar in the post and capitalised it then the same approach should be followed).