Originally posted by vwdan
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Reply to: Selling mobile phone to my company
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Previously on "Selling mobile phone to my company"
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Originally posted by SueEllen View PostWould an employer who is a medium or small company be happy to repay you the RRP or the price you actually paid?
These things aren't really hard to work out.
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Originally posted by bigmaz View PostCool, I will transfer the amount I paid. Someone had said in passing that I should transfer the RRP amount. The shop is doing a one off deal, well chuffed, cannot get that price anywhere else
These things aren't really hard to work out.
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Originally posted by Contreras View Post- You paid for the phone on behalf of the company. It's immediately a company asset and the company owes you the exact amount paid. The original purchase receipt is needed for the company books. Record it as a purchase, paid out-of-pocket. The company can simply transfer you the amount, or if left outstanding then it's effectively a director's loan to be repaid or offset at some point in future.
- You bought the phone personally and then sold it to the company. It seems you want to sell it at a profit too. IMHO, market value is what you have just paid for it, not RRP. But yes, you now need to create a receipt for the transfer and potentially deal with a personal tax liability for any profit.
But yeah, it sounds dodgy making a profit on it... Lol
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- You paid for the phone on behalf of the company. It's immediately a company asset and the company owes you the exact amount paid. The original purchase receipt is needed for the company books. Record it as a purchase, paid out-of-pocket. The company can simply transfer you the amount, or if left outstanding then it's effectively a director's loan to be repaid or offset at some point in future.
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Originally posted by bigmaz View PostThanks for the replies. Yes, I bought the phone outright.
So do I simply transfer the money from my business account into my private account? Or do I need to do a receipt as well? And I pay myself market value of the phone? Even though I paid under the market value?- You paid for the phone on behalf of the company. It's immediately a company asset and the company owes you the exact amount paid. The original purchase receipt is needed for the company books. Record it as a purchase, paid out-of-pocket. The company can simply transfer you the amount, or if left outstanding then it's effectively a director's loan to be repaid or offset at some point in future.
- You bought the phone personally and then sold it to the company. It seems you want to sell it at a profit too. IMHO, market value is what you have just paid for it, not RRP. But yes, you now need to create a receipt for the transfer and potentially deal with a personal tax liability for any profit.
Last edited by Contreras; 28 December 2014, 11:18.
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- You paid for the phone on behalf of the company. It's immediately a company asset and the company owes you the exact amount paid. The original purchase receipt is needed for the company books. Record it as a purchase, paid out-of-pocket. The company can simply transfer you the amount, or if left outstanding then it's effectively a director's loan to be repaid or offset at some point in future.
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Originally posted by bigmaz View PostThanks for the replies. Yes, I bought the phone outright.
So do I simply transfer the money from my business account into my private account? Or do I need to do a receipt as well? And I pay myself market value of the phone? Even though I paid under the market value?
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Originally posted by Contreras View PostDid you buy the handset outright, i.e. without a contract, with the intent it would immediately be a company asset? If so then by definition it already belongs to the company and the company owes you the money.
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Originally posted by Contreras View PostDid you buy the handset outright, i.e. without a contract, with the intent it would immediately be a company asset? If so then by definition it already belongs to the company and the company owes you the money. Treat it as a company expense paid out-of-pocket and reclaim as usual.
If the handset is paid by contract, or you want the company to pay for all calls, then the contract need to be transferred to the company name.
So do I simply transfer the money from my business account into my private account? Or do I need to do a receipt as well? And I pay myself market value of the phone? Even though I paid under the market value?
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Originally posted by bigmaz View PostHi
I have just bought a mobile phone. But purchased it from my personal account. I am just wondering if I can sell it to my Ltd company? I have literally just bought it today. If so, how do I go about doing it? Do I produce a receipt for the transaction?
And do I sell it for the same amount that I bought it for? I bought it under the RRP.
Thanks in advance
If the handset is paid by contract, or you want the company to pay for all calls, then the contract need to be transferred to the company name.
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Originally posted by bigmaz View PostHi
I have just bought a mobile phone. But purchased it from my personal account. I am just wondering if I can sell it to my Ltd company? I have literally just bought it today. If so, how do I go about doing it? Do I produce a receipt for the transaction?
And do I sell it for the same amount that I bought it for? I bought it under the RRP.
Thanks in advance
Make sure you do the important part and change the account to be in yourco name and pay the bill direct from yourco because it is not claimable as an expense.
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Selling mobile phone to my company
Hi
I have just bought a mobile phone. But purchased it from my personal account. I am just wondering if I can sell it to my Ltd company? I have literally just bought it today. If so, how do I go about doing it? Do I produce a receipt for the transaction?
And do I sell it for the same amount that I bought it for? I bought it under the RRP.
Thanks in advanceTags: None
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