Originally posted by SackmanandCo
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Previously on "Equipment purchases prior to starting Ltd Co."
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Guest replied
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I havent yet reclaimed the expenses as there is not enough in the LTD to do so but I guess I can claim the VAT back. I am not on the flat rate VAT scheme either.
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you can actually go back 3 years for equipment, it is services that is 6 months
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Originally posted by SackmanandCo View Postif you are a contractor, it is normally beneficial to be on the flat rate vat scheme
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if you are a contractor, it is normally beneficial to be on the flat rate vat scheme
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I have also done the same thing. I have a list of expenses to pay back to myself once there is enough money in the LTD to do it.
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Guest repliedOriginally posted by Stag Cozier View PostDid you buy the equipment whilst working under brolly or did you buy it for the sole intention of the ltd co? If it was whilst you were brolly, sell it back to the company at a value you think it would fetch if you sold it now.
If it was purposely for the ltd co then claim it as equipment and don't worry about it.
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You can sell to the Company. Include software costs also. Just estimate market value.
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Originally posted by mavster07 View PostI started a Ltd Co earlier this year but prior to that I was working under an umbrella co.
I purchased equipment (laptop, disk drive, etc) before starting my Ltd Co and which are now used as part of generating income for that Co.
Can I include the purchase costs of these items as expenses on equipment under my Ltd Co or do I need to 'sell' these items to the business so it owns them as assets ?
If it was purposely for the ltd co then claim it as equipment and don't worry about it.
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Originally posted by mavster07 View PostI started a Ltd Co earlier this year but prior to that I was working under an umbrella co.
I purchased equipment (laptop, disk drive, etc) before starting my Ltd Co and which are now used as part of generating income for that Co.
Can I include the purchase costs of these items as expenses on equipment under my Ltd Co or do I need to 'sell' these items to the business so it owns them as assets ?
Leave a comment:
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Originally posted by mavster07 View PostI started a Ltd Co earlier this year but prior to that I was working under an umbrella co.
I purchased equipment (laptop, disk drive, etc) before starting my Ltd Co and which are now used as part of generating income for that Co.
Can I include the purchase costs of these items as expenses on equipment under my Ltd Co or do I need to 'sell' these items to the business so it owns them as assets ?
Leave a comment:
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Equipment purchases prior to starting Ltd Co.
I started a Ltd Co earlier this year but prior to that I was working under an umbrella co.
I purchased equipment (laptop, disk drive, etc) before starting my Ltd Co and which are now used as part of generating income for that Co.
Can I include the purchase costs of these items as expenses on equipment under my Ltd Co or do I need to 'sell' these items to the business so it owns them as assets ?Tags: None
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