Has anybody claimed laptop as business expense

[fatboyslim]

Wondering if anybody here has bought laptop for business purpose here can share the experience. Did you buy it using business bank account? Was the process as straightforward as a normal expense?

[eek]

Read the First Timer guide ---> or download IPSE's guide.

Ask you accountant...

If you haven't got an accountant please find one asap before you start screwing things up to the extent HMRC notice...

[Andy O]

Yes definitely speak to your accountant first. I used my business debt card attached to my business current account to buy my company iMac. Just make sure you get a vat receipt. It will probably be marked as a capital purchase and appear as an asset on your year end accounts. If you are registered on the vat flat rate scheme you can only claim the vat back if the total invoice is more than £2000. If you are registered on the normal standard vat then you can claim the vat back whatever the cost.

[malvolio]

This from someone who feels competent to lecture us on IR35 and tax avoidance.

I suspect (s)he hails from Trollhatten.

[NotAllThere]

This from someone who feels competent to lecture us on IR35 and tax avoidance.

I suspect (s)he hails from Trollhatten.

Does seem rather likely, doesn't it.

[fatboyslim]

Yes definitely speak to your accountant first. I used my business debt card attached to my business current account to buy my company iMac. Just make sure you get a vat receipt. It will probably be marked as a capital purchase and appear as an asset on your year end accounts. If you are registered on the vat flat rate scheme you can only claim the vat back if the total invoice is more than £2000. If you are registered on the normal standard vat then you can claim the vat back whatever the cost.

Am on flat VAT and the laptop wont cost 2k. Not planning to buy anything else, so VAT back wont apply. Asked my accountant long time ago, he said it does not matter which card you use, but I guess I will use business account to keep it simple.
Thanks for your reply.

[malvolio]

Am on flat VAT and the laptop wont cost 2k. Not planning to buy anything else, so VAT back wont apply. Asked my accountant long time ago, he said it does not matter which card you use, but I guess I will use business account to keep it simple.
Thanks for your reply.

~You might like to challenge your accountant on the wisdom of staying on FRS given the limited gains these days and the minor detail that you can't reclaim VAT on necessary business expenditure.

[fatboyslim]

~You might like to challenge your accountant on the wisdom of staying on FRS given the limited gains these days and the minor detail that you can't reclaim VAT on necessary business expenditure.

I asked when rates were changed, and he wanted me to stick to it due to simplicity and little gain by going out of flat rate, in my case.

[fatboyslim]

Should have mentioned in original question, who here uses his/her own laptop on client site? My last client was pretty insistent on using their laptop due to 'security' issue.

[Lance]

I asked when rates were changed, and he wanted me to stick to it due to simplicity and little gain by going out of flat rate, in my case.

his simplicity or yours?

HINT: There's more than one question there......