Selling personal assets to company...AT PROFIT?

[Old Greg]

LOL

you have not started the Ltd co and yet you are full of ideas how to run circles round the taxman.

Personally i will go for option 1 and sleep well at night

css_jay99

I used to offer a service where you could get get 20% VAT over the £209 via a Dutch Antilles trust structure, but in the end it just wasn't worth it.

[northernladuk]

I used to offer a service where you could get get 20% VAT over the £209 via a Dutch Antilles trust structure, but in the end it just wasn't worth it.

Hey OG.....

[quackhandle]

Buying my company laptop...

Similar to OP but otherway round. Have had my Dell Studio lappy for nearly two years purchased as "company laptop" (not that expensive 450 notes) which it actually is as I have a home pc as well, but am using it for latest gig and it's getting a pain carrying it around (2.6kg) would like something a little lighter and with better software on it - so I was wondering if I could buy it from my company at a fee then get my company to buy one of those spiffing Lenovo Thinkpads I have seen.

My LM is a contractor and he suggested just writing it off as old stock, at two years its too out date to perform my duties efficiently.

Any thoughts? (about my post, not stuff in general, tell that to NLUK.)

qh

[northernladuk]

Similar to OP but otherway round. Have had my Dell Studio lappy for nearly two years purchased as "company laptop" (not that expensive 450 notes) which it actually is as I have a home pc as well, but am using it for latest gig and it's getting a pain carrying it around (2.6kg) would like something a little lighter and with better software on it - so I was wondering if I could buy it from my company at a fee then get my company to buy one of those spiffing Lenovo Thinkpads I have seen.

My LM is a contractor and he suggested just writing it off as old stock, at two years its too out date to perform my duties efficiently.

Any thoughts? (about my post, not stuff in general, tell that to NLUK.)

qh

You are mean!!!

Seems pretty straight forward. You could give your old one away to charity for free <cough> and that is that out of the way and just go and buy your new one. Anything under £500 would be better as an expense rather than an asset from what I remember of previous posts on this. Don't forget the bag, AV software etc as well.

[quackhandle]

Sorry. I miss the Dredd pic, though.

So there is a limit on £500, any more and it is a company asset? I'll have to have a read up on that, as I went a bit daft configuring one on the lenovo site, came to over a grand!

qh

[northernladuk]

Sorry. I miss the Dredd pic, though.

So there is a limit on £500, any more and it is a company asset? I'll have to have a read up on that, as I went a bit daft configuring one on the lenovo site, came to over a grand!

qh

Here is one of the links that mentions less than 500 can be an expense

http://forums.contractoruk.com/accou...t-expense.html

I would say a grand is firmly in asset territory.

Couldn't find a valentines Dredd picture so had to make do with Rogue Troopers bit of stuff Venus Blue... I need to go out more I think

[Nixon Williams]

Sorry. I miss the Dredd pic, though.

So there is a limit on £500, any more and it is a company asset? I'll have to have a read up on that, as I went a bit daft configuring one on the lenovo site, came to over a grand!

qh

The 'limit' of £500 has no basis other than being a view taken by some accountants, including ourselves.

Technically you could treat many items as an asset if its useful life to the business is spread over a lengthly period, so you could treat a stapler as an asset even though it only cost £5!

It is generally not worth the extra admin to treat small valued assets in such a way.

With most small companies benefiting from full tax relief of 100%, from a tax point it will not make any difference whether the asset is treated as such or fully written off in the year of purchase.

Alan

[quackhandle]

I'll be giving Siobhan a ring then.

What about writing company assets off then? Do I just stop using it, buy it off ltd co, or give to "charity".

qh

[Nixon Williams]

I'll be giving Siobhan a ring then.

What about writing company assets off then? Do I just stop using it, buy it off ltd co, or give to "charity".

qh

If the asset has never been treated as an asset (ie shown on the balance sheet) then there is nothing to 'write off'.

If the 'asset' is no longer required by the company and it has some value, then you could buy the asset from the company, or just scrap it if it has no use.

Alan