Originally posted by Fraidycat
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Sell company iMac
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Originally posted by eek View PostLet's combine all the posts above
The company book value will be zero as it should be fully depreciated.
And while in the ideal world you should be booking the sale in the company (as LM states) after 4 years it's probably broken in some way or other (if it was a Lenovo, Dell or Surface device it would definitely have broken in that period) - so it's hardly the biggest crime to not pass the money back to the company.
Before anyone asks it's why I now treat laptops as disposable items and never spend more than £1k including VAT on them."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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Originally posted by coded View PostHello,
I bought an iMac for my limited company in May 2016. I am looking to sell the iMac, do I need to inform my accountant & am I supposed to pay the money received from selling the iMac back into the business?
Kind RegardsComment
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Originally posted by cojak View PostFor a four year old laptop?
I would expect that depreciation would have reduced the capital to £0, but you’ll need to confirm that with your accountant.Comment
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Originally posted by adubya View PostiMac's aren't laptops. And a 2016 model with a decent processor is still worth £500+'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostThat puts a whole different spin on it. A low end general PC will be practically worthless over the same period.See You Next TuesdayComment
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Originally posted by jamesbrown View PostA fully depreciated asset still belongs to the company and any gain from its resale needs to be recorded in your P&L.
If it genuinely has negligible resale value you could just treat it as “scrapped”. The tax man is unlikely to know or care if it happens to find its way into your home.
Depending on the spec a 4 year iMac is likely to have a resale value though.Last edited by TheCyclingProgrammer; 14 January 2021, 22:31.Comment
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Originally posted by Fraidycat View PostBut if the company transfers ownership/gifts it 'De minimis' to the director first?, there is no tax for the director to pay as it has a book value of $0'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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