Reply to: New laptop

[JRCT]

Your accountant should have gone through all this with you and made you aware of stuff that is relevant. This is why people say a good accountant saves you money.

When I went through my first end of year accounts, one of the accountants did mention it and said I should have been told to encorporate it. But as I say, it was probably worth about £200 when I started (max) and so whilst there is undoubtedly a loss for me on tax, it's not massive.

I use Crunch accounting, online. They've been good in the respect that it's easy for me and that they've kept me straight for a newbie, but they're not very forthcoming with ideas and suggestions. Now that I'm getting a bit more experienced, I think it's time to find another.

[northernladuk]

Thanks for your help, everyone. It looks like I've missed a trick with my old laptop - I'll put that down to experience.

I shall be buying my new one through the company as I should have done with my dead one.

Your accountant should have gone through all this with you and made you aware of stuff that is relevant. This is why people say a good accountant saves you money.

[JRCT]

Thanks for your help, everyone. It looks like I've missed a trick with my old laptop - I'll put that down to experience.

I shall be buying my new one through the company as I should have done with my dead one.

[kal]

Plus not paying tax on extracting that £500 at some point in the future?

Indeed

[kevpuk]

I figured MyCo needed a slim, lightweight laptop with i7 CPU, 16GB RAM, RAID SSDs, BluRay writer and GTX NVidia graphics to make sure it could cover every eventuality...never know what the next gig is going to need!

Actually, turns out current gig did require a relatively high spec laptop, although perhaps not all of the above

[northernladuk]

Indeed, sold mine to the LtdCo for 500 notes (which was the current market value of equivalent 2nd hand laptops selling on ebay at the time), I make that £100 saving just on the CT, it all adds up.

Plus not paying tax on extracting that £500 at some point in the future?

[Old Greg]

I take it you paid for it with the money loaned to you from your Isle Of Man based no risk EBT provider

The QC made me sign an NDA so it's all hush hush.

[kal]

It would be more than that as it means you can get more money out of the company that you don't have to pay tax on as well yadda yadda. Yeah it's not big stuff but there are loads of little things that make it worth doing. Better in your pocket than the tax mans.

Indeed, sold mine to the LtdCo for 500 notes (which was the current market value of equivalent 2nd hand laptops selling on ebay at the time), I make that £100 saving just on the CT, it all adds up.

[kal]

I loaned my personal laptop to a shell company in the Dutch Antilles, who then loaned it to my Ltd for a monthly rental fee payable in Zimbabwean dollars.

I take it you paid for it with the money loaned to you from your Isle Of Man based no risk EBT provider

[northernladuk]

That is exactly the case. My laptop cost about £600 four years ago. I certainly don't need to spend £2000 on a new one.

I probably did miss a trick in the beginning by not encorporating that into the business but I don't think it's significant, probably lost about £20 in tax.

It would be more than that as it means you can get more money out of the company that you don't have to pay tax on as well yadda yadda. Yeah it's not big stuff but there are loads of little things that make it worth doing. Better in your pocket than the tax mans.

[Old Greg]

So you can still sell it to the business.

I loaned my personal laptop to a shell company in the Dutch Antilles, who then loaned it to my Ltd for a monthly rental fee payable in Zimbabwean dollars.

[JRCT]

Maybe his personal laptop is four years old and he had no need to replace it.

That is exactly the case. My laptop cost about £600 four years ago. I certainly don't need to spend £2000 on a new one.

I probably did miss a trick in the beginning by not encorporating that into the business but I don't think it's significant, probably lost about £20 in tax.

[kal]

So you can still sell it to the business.

+1 Exactly what I did, work out the current market value and sell it to your company, that was 2 years ago and laptop is 4 years old now, still going but starting to creak under the pressure... new laptop is a toss up between the Dell XPS and obligatory Macbook, my hatred of Windows 8 is making me lean towards the apple.

[SueEllen]

Never mind.

So you can still sell it to the business.

[Old Greg]

What?

Never mind.