Closing Company soon claiming for laptop

[Maslins]

As Clare says, you'd need to pay market value (inc VAT) for the laptop when you took it from the company...so doing it shortly before you close down would see negligible benefit.

ASB - don't really understand your point re flat rate scheme...in my mind that would surely hurt you further, as you wouldn't be able to reclaim VAT when you bought it but would still have to charge VAT when you sold it (NB if it was £2k+, I still think you'd struggle to legitimately reclaim VAT, as it's clearly bought with resale in mind rather than long term use in the business).

Possibly buying it, then de-registering for VAT, then selling it to yourself could benefit. You'd only have to pay over output VAT when deregistering on stock/assets if the VAT is over £1k...but I'd feel uncomfortable allowing one of our clients to do this if it was as intentional as is suggested.

In short - just don't do it!

[BolshieBastard]

Go ahead, make their day!

[ASB]

ASB - don't really understand your point re flat rate scheme...in my mind that would surely hurt you further, as you wouldn't be able to reclaim VAT when you bought it but would still have to charge VAT when you sold it (NB if it was £2k+, I still think you'd struggle to legitimately reclaim VAT, as it's clearly bought with resale in mind rather than long term use in the business).

In the circumstances outlined you are right. The vat would be non reclaimable but would need to be charged on the disposal, so it would be worse.

Really I was just trying to highlight the maximum available financial benefit - even if it were accepted - is pretty small. (Probably negative on the FRS).