One Man Band LTD co - Would you put new PC through the books?

Yes.

And for vat I'm flat rate vat so if is spend 1666.65 it costs the firm 1666.65. If I spend 2000 it costs the firm 1666.66. Also my accountant said it's one number purchase so if you bundle a load of software with it to get to 2000 Inc vat on one invoice you can still claim the vat back. Only if you're flat rate vat though.
 
Snow-Munki said:
Make sure you spend at least £2k and you'll get vat and tax back.

Under 2k only get the tax back.

Was what I was told any ways.
Click to expand...

Generally speaking you can claim the vat back on any purchase that has vat on it, and is for work purposes...

Not sure where you heard this £2k limit from? Besides, OP isn't vat registered.
 
A bit of misinformation in the thread.

Buy it as a business expense - reclaim VAT (if registered), and set it as a tax deductable adjustment (fixed asset - fully written off in year 1 under Annual Investment Allowance, as long as you have less than £200k of such in the year).

Don't disallow a percentage of it for private use - that's for sole traders, not Ltd co's.

There's technically a Benefit in Kind (BIK) arising on the private use element, however insignificant private use is generally ignored. So, since you're using it all day for business, and maybe an hour in the evening to pay some bills or whatever (*wink*), there's no BIK arising.

There's no relevance to the £2k figure unless you're on flat rate VAT (in which case, you do need to spend £2k to reclaim).
 
yeah I think I will put the PC through, spoke to accountant and he says its fine

I don't take the proverbial with expenses though so I think it will be fine
 
You must log in or register to reply here.
Back
Top Bottom