Company purchasing personal items

[Over Clocker]

Hi guys,

Have recently set up my own ltd company.
I'm fine with the normal payroll stuff.
I was just wondering if anyone knows the process of the following.

I want to sell my personal PC, desk, chair etc to my company. Just wondering about rules on what it is worth etc etc. Also, how do I actually do it, just write myself a cheque and put it down in the company books as a purchase, or is there a lot more to it?

Thanks,

Mal

 

[Over Clocker]

hmmm, not sure how it works, but might look better if you 'gave' the stuff to a mate and put it in the books under his name.... not that i would know!

Nah I know it's fine to purchase your old personal stuff, just not sure how to do it!

Mal

 

[Over Clocker]

You can do it, but it must be a fair price. If you then continue to use it personally, there will be a benefit in kind which is taxable.

Thanks Mark,

Yep would be a fair price. I was wondering about the process of doing it, what paperwork etc?

Thanks,

Mal

 

[Over Clocker]

Thanks very much Mark,

Great help

Mal