Re: buy PC overseas?
You will only be able to claim the cost of the PC as an expense through your umbrella company if you can prove that it is specifically required for your contract. Unfortunately you cannot buy it for your personal use and the claim it as an expense - this should have been fully explained to you by your umbrella company.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Buying a PC
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Buying a PC"
Collapse
-
Guest replied
-
Guest repliedRe: buy PC overseas?
I have joined an umbrella company in UK where they handle the invoicing and paying me..etc..etc.. so i can claim expenses for PC equipment he told me.
As of overseas purchase...GOOD POINT about VAT....
The reason for buying overseas is because i am looking for certain models that are not available in UK/Europe.
So assuming if I buy it here for £2000...how much expenses would I be able to claim off?
Leave a comment:
-
Guest repliedRe: buy PC overseas?
thepanadol
lets answer them in reverse,
b) You're new to contracting, so do you have (or intend to have) a limited company? If yes then your terminology is wrong. A PC is not an expense it is a capital item. The reimbursment process is not a case of you spending some of your money and the company giveing it to you back in a tax free way, but one where the *company* buys and then *owns* the computer. If you don't have a limited company then to receive the allowance against your personal income you will have to show that it is *necessary* for you to have a computer for a business need. This barrier is extreamly high and we need to know more about what you will be doing to tell if you will pass this test.
a) Why do you want to buy a computer overseas? Assuming it is because of price, then IME MO prices for computers in Europe are much the same as in the UK (though shop prices do tend to be lower), you might save a couple of percent but that is all. If you mean the US then it is often the case that once you have declared the item and paid Import Duty and VAT (I presume that you are not VAT registered yet) the perceived savings disappear. Or did you think that the Revenue will allow you to put through the books of your company an item that you have illegally imported?
HTH
tim
Leave a comment:
-
Guest repliedbuy PC overseas?
Hi guys...i am new to contracting in UK...am considering buying a notebook too...questions i have..
a) can i buy it overseas and claim it back provided that I have the receipts?
b) just to clarify, if say the notebook is £2000, based on the previous discussion, i could only put thru £1000 as expenses?
TIA
Leave a comment:
-
Guest repliedRe: PC
Thanks for your help guys
50% per years not bad then - especially as I'll only be using it for games :rollin
Leave a comment:
-
Guest repliedRe: PC
sounds like time for a strategic cup of coffee on the motherboard.
Leave a comment:
-
Guest repliedRe: PC
I know the IR have recently allowed limited companies to write off larger percentages of their fixed assets against tax each year.
Unfortunately when I bought my £2k computer in 1996 the rule was 25% of the reducing balance, so this computer still has a book value of several hundred pounds. Truth is, I would have to pay someone to take it away.
Leave a comment:
-
Guest repliedPC
Ian,
You cant claim the 100% back int he first year anymore, But after the budget i believe it that you can claim 50% in the first year and 50% in the second year against corporation tax.
Cheers,
Leave a comment:
-
Guest started a topic Buying a PCBuying a PC
Hi
I'm planning to buy a pc in the next couple of weeks for around £2100
I know if I do it thru Ltd Co I can claim back VAT in my next return
but
Can I claim it 100% as an expense against Corp Tax???
Thanks
IanTags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: