Write off of hardware b4 closing Ltd

[SlipTheJab]

If you drop it and it breaks, then it's worthless, Shirley?

So after June 2018 it will be 3 years since I bought it, my question is at that point is it worth anything to the Ltd or has it been written off as an asset in that time? If so I can just keep it, if not I will have to sell it as I don't need it, simples?

[JonSmile]

what is your companies fixed asset depreciation rules? And what is the net book value now?
This will help you answer your own question ..

[Maslins]

So after June 2018 it will be 3 years since I bought it, my question is at that point is it worth anything to the Ltd or has it been written off as an asset in that time? If so I can just keep it, if not I will have to sell it as I don't need it, simples?

There's nothing magic about 3 years, but in practice I'd suggest yes, for fairly old assets you can just keep them, no money needing to change hands.

Please don't consider this carte blanche to now buy loads of new gear, get tax relief in the final company figures, then do the same.

[northernladuk]

There's nothing magic about 3 years, but in practice I'd suggest yes, for fairly old assets you can just keep them, no money needing to change hands.

Oh nice... That gives me carte blanche to now buy loads of new gear, get tax relief in the final company figures, then do the same

Please don't consider this carte blanche to now buy loads of new gear, get tax relief in the final company figures, then do the same.

Crap...

[TheCyclingProgrammer]

So after June 2018 it will be 3 years since I bought it, my question is at that point is it worth anything to the Ltd or has it been written off as an asset in that time? If so I can just keep it, if not I will have to sell it as I don't need it, simples?

If its not worth anything you could scrap it and write it off.

If it is worth something YourCo could sell it.

Or you could "scrap it" and write it off and just keep it anyway. IMO not technically correct but in practice I doubt HMRC would ever find out.

If the company keeps it and you liquidate the company then it will become your property as part of the final distribution anyway, same as the profits left in the company.

[northernladuk]

If its not worth anything you could scrap it and write it off.

If it is worth something YourCo could sell it.

Or you could "scrap it" and write it off and just keep it anyway. IMO not technically correct but in practice I doubt HMRC would ever find out.

If the company keeps it and you liquidate the company then it will become your property as part of the final distribution anyway, same as the profits left in the company.

#micdrop

/thread

[SlipTheJab]

I'll just write the MBP off, did think about knocking out a new iPhone X and iPad pro before winding up the Ltd but throught that might be taking the p!ss