Originally posted by escapeUK
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Reply to: Deprecation of assets
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Previously on "Deprecation of assets"
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Originally posted by Clare@InTouch View PostIt means you should account for it as a sale, or sell it to yourself for market value - if your permi employer had an old computer you couldn't just sell it and keep the money!
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Originally posted by northernladuk View PostIf it is for the kids/schools or a charity some hassle is always worthwhile.
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Originally posted by Lumiere View PostThat sounds like a lot of hassle to me ..
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Originally posted by Lumiere View PostSame situation but can't be bothered with selling. How do I dispose of it formally, do I need to have pictures of me throwing it into skip ?
Had a couple of laptops bought for around £300 3-5 years ago, doubt there is any value in them now, but I still have them recorded as fixed assets ..
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Originally posted by VectraMan View PostI bought a laptop 4 and a bit years ago that's now depreciated to nothing for accounts purposes. If I were to sell it, probably only £50-£100, do I still need to account for that as a sale? Or does depreciated mean I can just say that it's mine and not the company's and nobody will ever care?
Had a couple of laptops bought for around £300 3-5 years ago, doubt there is any value in them now, but I still have them recorded as fixed assets ..
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Originally posted by SimonMac View PostTrying to work out the CT600 this year, the only asset that I have bought is a laptop for £911, is there a guide that show's what the deprecation should be? Or do I go to the likes of eBay and check the cost of a similar spec second hand laptop?
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Originally posted by Clare@InTouch View PostThere's no real advantage, but then there's no disadvantage either apart from the depreciation calculation (which takes about 30 seconds). The idea is that assets are capitalised to show their ongoing use to the business, and then depreciated across their useful economic lives.
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Originally posted by VectraMan View PostI bought a laptop 4 and a bit years ago that's now depreciated to nothing for accounts purposes. If I were to sell it, probably only £50-£100, do I still need to account for that as a sale? Or does depreciated mean I can just say that it's mine and not the company's and nobody will ever care?
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Originally posted by JamJarST View PostSeeing as you can claim CT600 annual investment allowance on most of what we as one man contractors buy, is there any real advantage to have financial accounts that depreciate them? Seem like unnecessary admin for a small business like mine?
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I bought a laptop 4 and a bit years ago that's now depreciated to nothing for accounts purposes. If I were to sell it, probably only £50-£100, do I still need to account for that as a sale? Or does depreciated mean I can just say that it's mine and not the company's and nobody will ever care?
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Originally posted by Clare@InTouch View PostAbsolutely, then you end up with assets worth £1 and no one remembers what they are! This is one of the reasons why we wouldn't even capitalise something under £750 in the first place - it gets written off for tax in year one, and the pace of technology likely means that a computer for that value won't be worth much in a year anyway.
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Originally posted by Scrag Meister View PostSo when does the asset's value reach zero on "reducing balance" basis. Surely you end up with an asset that has a value, however small, ad infinitum. I've noticed this with my laptop, can it still have a value come 2020.
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