I am starting a contract next week with a clause to allow me to use my own equipment. Now I already own (personally) a laptop (plus a whole host of other computer equipment - ok I'm a geek) but should my limited company purchase one for use on contract ?
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If you like. IMO there is no issue with getting as much equipment for the company as you want, as long as you can justify it is for the company's use."Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas Jefferson -
Why don't you sell your personal one to the company (anyone know whether that's permissible?)Originally posted by FarmerPalmer View PostComment
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According to the boys on here selling eqpt to/buying eqpt from your company looks mega dodgy and you're better off not doing it, buying all your eqpt through the company; its written off in 2 or 3 years anyway."Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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How recently did you last buy equipment? I bought a laptop a month before I started the company and claimed that as an expense, reclaimed the VAT too.
Ask your accountant.Will work inside IR35. Or for food.Comment
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I think that's slightly different in HMRC's eyes - paying for something yourself then claiming an expense vs selling something personal to the company. Accountants can probably clarify this.Originally posted by VectraMan View Post"Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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That's what I did - the laptop was about 6 months old, too. And strictly speaking, you don't need a receipt, since you can argue that you didn't keep it since you had no plans at that stage to have a company...Originally posted by VectraMan View PostComment
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You would require the receipt if you wanted reclaim the input VAT back and you would want to keep the receipt due to the 12-month warranty you would normally get.Originally posted by TheFaQQer View PostComment
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Originally posted by Ruprect View Post
According to our accountant, selling personal posessions to the company is fine, provided that:
a. The company would use / need them
b. They are sold for the current market value as second hand and not some over inflated price.
But be aware, after this the items will no longer belong to you legally, and in the event of the balifs comming in they will sieze them.Comment
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This what I did - £2750 worth of gear sold to myco for £1000. One was a 1year old laptop, one a 2 year old shuttle and one a 2.5 years old server, so they went for 50%, 25% and 10% of their purchase price, plus some newer networking gear to set them up on their own outside of the other pcs in the house.Originally posted by r0bly0ns View Post
Not used for anything, and they are in the 'office', with photos for Hector should he need them.......Comment
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