Renting equipment

[Moscow Mule]

Can MyCo rent equipment (laptop, printer, hard-drive) from myself for a portion of time per month?

Would it be treated as an offset to corp tax liability but income on my SA form?

I'm assuming it's not worth the effort since a search on the board reveals nothing.

[Platypus]

Why not sell the eqpt to YourCo?

[Moscow Mule]

Why not sell the eqpt to YourCo?

I don't want my personal use of the equipment to be taxed as BIK?

I don't know - it was just a thought I had.

[Ardesco]

No BIK on computers.

[Platypus]

I don't want my personal use of the equipment to be taxed as BIK?

Who would know?

[malvolio]

No BIK on computers.

No, but there would be a tax liabillity on the income received as a result. Hasn't really thought this through, has he...

[Moscow Mule]

Can MyCo rent equipment (laptop, printer, hard-drive) from myself for a portion of time per month?

Would it be treated as an offset to corp tax liability but income on my SA form?

I'm assuming it's not worth the effort since a search on the board reveals nothing.

No, but there would be a tax liabillity on the income received as a result. Hasn't really thought this through, has he...

Not at all Mal.

[Platypus]

No, but there would be a tax liabillity on the income received as a result. Hasn't really thought this through, has he...

Do you mean on the rental income or on the income from the sale?

I buy a computer in my name for £100, sell it to MyCo for £100? Do I have to pay personal income tax on the £100? I would think no.

But I do believe I would have to pay tax if I rented it to MyCo for say £20 / month.

[Moscow Mule]

No BIK on computers.

So long as there is no significant personal use?

http://www.hmrc.gov.uk/employers/ebi.../computers.htm

I guess if anybody asked, I'd just lie.

[Platypus]

I guess if anybody asked, I'd just lie.

say it was R&D

EDIT: Ditto for purchasing things like iPods through the company.