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Buying a new laptop

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    Buying a new laptop

    MyCo Ltd was incorporated in August last year. At the advice of my accountant MyCo Ltd purchased a laptop from me for just under £500 (market rate) as it was being used wholly and exclusively for work.

    I now need a new, faster laptop due to the work I'm doing on it. I've seen one for £750 I want to buy before the VAT goes up. Anything I should bear in mind before buying it? I assume, with two laptops, this means MyCo Ltd has more assets which affects tax or something.

    Am I free to just go ahead and buy the new laptop do you think?

    #2
    Yes.
    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
    Officially CUK certified - Thick as f**k.

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      #3
      Your company can buy the laptop. The whole cost will reduce you profit in the year so you'll pay less tax - £750 will effectively mean a saving of £157.50 (which is 21% of the cost).

      Note that the asset may remain on the balance sheet of your accounts, but for tax purposes it will be written off in full.
      ContractorUK Best Forum Adviser 2013

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        #4
        And since it's a business purchase, the VAT is irrelevant, isn't it... unless you're really desperate to gain £13
        Blog? What blog...?

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          #5
          Lovely, cheers all. Lovely shiny laptop on order to arrive tomorrow. *Excited*

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            #6
            Originally posted by GillsMan View Post
            Lovely, cheers all. Lovely shiny laptop on order to arrive tomorrow. *Excited*
            Your easy to please.

            My company brought me lots of technical goodies in December. Well I had an accident with my very old laptop.........
            "You’re just a bad memory who doesn’t know when to go away" JR

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              #7
              Originally posted by SueEllen View Post
              Your easy to please.

              My company brought me lots of technical goodies in December. Well I had an accident with my very old laptop.........
              I am a computer geek. I almost salivated when I ordered to GTX 460 GPUs to run in SLI.

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                #8
                Get a laptop that's over £2000, then you can claim the VAT back
                Coffee's for closers

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                  #9
                  Originally posted by Spacecadet View Post
                  Get a laptop that's over £2000, then you can claim the VAT back
                  Why?

                  If you don't need a £2000 laptop bundle then it makes no business sense to spend that much money on the laptop.
                  "You’re just a bad memory who doesn’t know when to go away" JR

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                    #10
                    Originally posted by SueEllen View Post
                    Why?

                    If you don't need a £2000 laptop bundle then it makes no business sense to spend that much money on the laptop.
                    You are obviously not a techy and excited by hardware , it's ok I understand why you'd want to spend £2k, great tech and get the vat back.

                    :-)

                    My next shopping list is going to be in the region of 4k.

                    My 2 laptops that I bought 3.5 years ago totalled about 3.5k. 17.5% vat back, 21% CT saved.

                    If you're going to spend £1700 you may as well spend 2k and save the VAT as well.

                    Its an investment to help in the earning of 120k+ a year. A small %age IMHO.

                    Originally posted by GillsMan View Post
                    I am a computer geek. I almost salivated when I ordered two GTX 460 GPUs to run in SLI.
                    That's 2 of us then. I recently bought a GTX 470, only the one though, when my 8800GTX died just outside warranty.

                    What model laptop did you go for in the end?
                    Last edited by Scrag Meister; 6 January 2011, 13:53.
                    Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

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