So I have a MBP which I bought in June 2015 am I right in saying if I wait until June 2018 its effectively worth nothing to the company and I can just 'ave it'. Also if I was to buy a new iPhone/iPad now through the Ltd can I just sell it to myself in June next year for a cut price (like 30/50% off)? ... NLUK accountant has been asked awaiting response ...
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Write off of hardware b4 closing Ltd
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IANAA but I believe if the standard 25% depreciation rules apply then if you buy an iPhone now for £500 then sell it to yourself in a year, you'd have to pay your company £375 for it as that would be its current depreciated value. I don't believe you're allowed to choose what price you sell it for, if you then sell it at a loss. -
The MBP probably still has a reasonable market value so strictly speaking you should pay YourCo market value for the laptop or declare it on your P11D as a BIK. You will also need to account for VAT on the sale of VAT registered.Comment
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Originally posted by TheCyclingProgrammer View PostThe MBP probably still has a reasonable market value so strictly speaking you should pay YourCo market value for the laptop or declare it on your P11D as a BIK. You will also need to account for VAT on the sale of VAT registered.Comment
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Originally posted by TheCyclingProgrammer View PostThe MBP probably still has a reasonable market value so strictly speaking you should pay YourCo market value for the laptop or declare it on your P11D as a BIK. You will also need to account for VAT on the sale of VAT registered.Comment
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Originally posted by SlipTheJab View PostIf I don't buy it what happens to it? Do I wipe it and bin it? Ebay it? Auction?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by SlipTheJab View PostIf I don't buy it what happens to it? Do I wipe it and bin it? Ebay it? Auction?
You can certainly sell it. Sell it however you like, but you'll still need to account for VAT on the sale.
Also worth noting, if you bough the laptop and reclaimed the VAT on the flat-rate scheme (as it was part of a single purchase over £2k) then the sale should be accounted for outside of the FRS too.
What I don't understand is...why can't you just keep using it, whilst it remains the property of YourCo? Is the real reason you want it so you can flog it?Comment
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Originally posted by TheCyclingProgrammer View PostWhat I don't understand is...why can't you just keep using it, whilst it remains the property of YourCo? Is the real reason you want it so you can flog it?…Maybe we ain’t that young anymoreComment
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Originally posted by WTFH View PostFrom reading elsewhere he's thinking about closing down his company as he is taking a permanent role.Comment
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If you drop it and it breaks, then it's worthless, Shirley?I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).Comment
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