computer assett question

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!

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.

b0redom replied

14 February 2008, 10:35
It's the same as selling services etc. Just raise and invoice and pay the money into your company account.
Leave a comment:
mike mac replied

14 February 2008, 10:26
Thanks guys. I have an accountant keeping my books in top order, so that should be all good.

Later down the line how would I sell the hardware through my company? Would it just be a case of keeping records of the person I sold it to and showing on an invoice the money going back in?

Thanks again for the help.
Leave a comment:
malvolio replied

14 February 2008, 10:10
If you buy it it's yours. If you buy it and sell it to the company it's the company's. If you buy it and reclaim the cost from the company, it's the company's. If it is the company's and you sell it, that's basically theft. So the company has to sell it.

The paper trail will be enough proof, unless the taxman has doubts about your record keeping when he will want to see some physical evidence - but if it comes to that, one PC will be a minor problem!

However, you need to understand the difference between you and YourCo which are entirely separate legal things (as are the two bank accounts). Get that wrong and you are in serious doo-doos...
Leave a comment:
TheFaQQer replied

14 February 2008, 10:02
1 - yes, claim the expense back from the company.

2 - no, "they" may well want to see the assets. Otherwise, what's to stop you from printing your own receipt for a few grand and just showing that? I would also be suspicious of any company assets that are not kept at the company office, or with a company employee - particularly saying the HMRC "oh, I've got it, it's a company asset, but I keep it at my brothers". Sounds like a spot of fraud to me.

3 - yes. It's a company asset, so when you sell it, the money goes to the company.
Leave a comment:
mike mac started a topic computer assett question

14 February 2008, 09:56
computer assett question

Hi guys,

I will be buying some computer hardware as my current PC is rubbish. I have a couple of questions: -

1. Is it ok to buy them using my personal account as I dont yet have a bussiness credit card?
2. Will keeping reciepts be enough or is it possible they would actually want to see the computer at any point? (Thinking of keeping at my brothers house)
3. What happens when it comes to re-selling the equipment? Do I need to put the money back into my business account?

Many thanks for any help
Tags: None