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Reply to: Write off of hardware b4 closing Ltd
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Previously on "Write off of hardware b4 closing Ltd"
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I'll just write the MBP off, did think about knocking out a new iPhone X and iPad pro before winding up the Ltd but throught that might be taking the p!ss
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Originally posted by TheCyclingProgrammer View PostIf its not worth anything you could scrap it and write it off.
If it is worth something YourCo could sell it.
Or you could "scrap it" and write it off and just keep it anyway. IMO not technically correct but in practice I doubt HMRC would ever find out.
If the company keeps it and you liquidate the company then it will become your property as part of the final distribution anyway, same as the profits left in the company.
/thread
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Originally posted by SlipTheJab View PostSo after June 2018 it will be 3 years since I bought it, my question is at that point is it worth anything to the Ltd or has it been written off as an asset in that time? If so I can just keep it, if not I will have to sell it as I don't need it, simples?
If it is worth something YourCo could sell it.
Or you could "scrap it" and write it off and just keep it anyway. IMO not technically correct but in practice I doubt HMRC would ever find out.
If the company keeps it and you liquidate the company then it will become your property as part of the final distribution anyway, same as the profits left in the company.
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Originally posted by Maslins View PostThere's nothing magic about 3 years, but in practice I'd suggest yes, for fairly old assets you can just keep them, no money needing to change hands.
Please don't consider this carte blanche to now buy loads of new gear, get tax relief in the final company figures, then do the same.
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Originally posted by SlipTheJab View PostSo after June 2018 it will be 3 years since I bought it, my question is at that point is it worth anything to the Ltd or has it been written off as an asset in that time? If so I can just keep it, if not I will have to sell it as I don't need it, simples?
Please don't consider this carte blanche to now buy loads of new gear, get tax relief in the final company figures, then do the same.
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what is your companies fixed asset depreciation rules? And what is the net book value now?
This will help you answer your own question ..
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Originally posted by Scruff View PostIf you drop it and it breaks, then it's worthless, Shirley?
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Originally posted by WTFH View PostFrom reading elsewhere he's thinking about closing down his company as he is taking a permanent role.
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Originally posted by TheCyclingProgrammer View PostWhat I don't understand is...why can't you just keep using it, whilst it remains the property of YourCo? Is the real reason you want it so you can flog it?
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Originally posted by SlipTheJab View PostIf I don't buy it what happens to it? Do I wipe it and bin it? Ebay it? Auction?
You can certainly sell it. Sell it however you like, but you'll still need to account for VAT on the sale.
Also worth noting, if you bough the laptop and reclaimed the VAT on the flat-rate scheme (as it was part of a single purchase over £2k) then the sale should be accounted for outside of the FRS too.
What I don't understand is...why can't you just keep using it, whilst it remains the property of YourCo? Is the real reason you want it so you can flog it?
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Originally posted by SlipTheJab View PostIf I don't buy it what happens to it? Do I wipe it and bin it? Ebay it? Auction?
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Originally posted by TheCyclingProgrammer View PostThe MBP probably still has a reasonable market value so strictly speaking you should pay YourCo market value for the laptop or declare it on your P11D as a BIK. You will also need to account for VAT on the sale of VAT registered.
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Originally posted by TheCyclingProgrammer View PostThe MBP probably still has a reasonable market value so strictly speaking you should pay YourCo market value for the laptop or declare it on your P11D as a BIK. You will also need to account for VAT on the sale of VAT registered.
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The MBP probably still has a reasonable market value so strictly speaking you should pay YourCo market value for the laptop or declare it on your P11D as a BIK. You will also need to account for VAT on the sale of VAT registered.
Leave a comment:
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