Questions about expenses [merged]

[GlenW]

Well the guy has almost a decade of posting on gumtree so surely by now he would have been found out.. + he has lots of tv's and other stuff for sale at good prices.

I've an acquaintance in Nigeria who would love to get in touch with you.

[northernladuk]

Well the guy has almost a decade of posting on gumtree so surely by now he would have been found out.. + he has lots of tv's and other stuff for sale at good prices.

If he is reselling I would be very surprised if he has an original receipt. Did he say he had it?

[ItRYmyBEst]

yeah I hink

Well the guy has almost a decade of posting on gumtree so surely by now he would have been found out.. + he has lots of tv's and other stuff for sale at good prices.

[ItRYmyBEst]

You think?.......

yeah I hink

[northernladuk]

True but at least I'm covered as I did due dilagence to see that it wasn't stolen

Really?? You think you have? and it will make a difference???

When you do buy one make sure the spell checker works hey...

[ItRYmyBEst]

If someone is devious enough to sell you stolen goods do you think lying/faking the proof is going to be a problem for them?

True but at least I'm covered as I did due dilagence to see that it wasn't stolen

[ItRYmyBEst]

Strictly speaking, yes. However, many accountants will operate a rule-of-thumb on this and suggest you expense any IT equipment worth less than, say, £500. There's no material difference, but it does increase the complexity of your accounts somewhat if you're capitalising and depreciating an asset (especially if you have a bunch of small assets). Ask your accountant.

If I cap it, then its not CO tax free then?

[northernladuk]

Strictly speaking, yes. However, many accountants will operate a rule-of-thumb on this and suggest you expense any IT equipment worth less than, say, £500. There's no material difference, but it does increase the complexity of your accounts somewhat if you're capitalising and depreciating an asset (especially if you have a bunch of small assets). Ask your accountant.

I thought this was the case but my SJD accountant moved a laptop to an asset even though someone else from SJD posted that £500 was acceptable on here. It made no different to me so let him do what he thought fit.

Anyway, it broke so I sold it to some sucker on Gumtree with a certificate to say it was all working fine...

[northernladuk]

Nope, I wanted proof that I purchased a non stolen good

If someone is devious enough to sell you stolen goods do you think lying/faking the proof is going to be a problem for them?

[jamesbrown]

I don't know, should I? what does it do buy doing that?

Strictly speaking, yes. However, many accountants will operate a rule-of-thumb on this and suggest you expense any IT equipment worth less than, say, £500. There's no material difference, but it does increase the complexity of your accounts somewhat if you're capitalising and depreciating an asset (especially if you have a bunch of small assets). Ask your accountant.