Sell my Computer to LTD company

[Archangel]

Are you sure that it is 12% for the first year. I thought its 13% for every year.

Regards,
Goodmans

See section 4.5 Reduction of 1% for new VAT registrations

http://customs.hmrc.gov.uk/channelsP...ent#P145_12610

[THEPUMA]

Wrong, strictly speaking. As I said earlier, this is only true if you bought the laptop purely for the business in advance of setting up the business: effectively the transaction is then an expense claim. Nothing wrong with that of course, and Hector would have a really fun time proving a recently acquired laptop was not bought on that basis - one that's two years old though...

Otherwise you are simply selling something you own already to a limited company and unless you are registered for VAT yourself, there is no VAT in the sale, hence nothing to reclaim.

Sorry I don't mean to pick on you Mal, really I don't!

But you are allowed to reclaim VAT on assets bought for your business within 3 years of VAT registration which you have not sold at the date of registration.

I think the question is whether the asset is used in the business once it has started rather than the original intention when the asset was purchased as otherwise the 3 year allowance seems particularly generous.