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Broken laptop

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    Broken laptop

    My 3 year old HP laptop has finally given up the ghost and died completely. It is a company asset.

    I understand that I can write this asset off and make a note that it’s been disposed of. I then plan to purchase a new one to replace it. I'll purchase the laptop and claim the total back as an expense.

    Anyone see any issues with this?

    #2
    Originally posted by badger7579 View Post
    My 3 year old HP laptop has finally given up the ghost and died completely. It is a company asset.

    I understand that I can write this asset off and make a note that it’s been disposed of. I then plan to purchase a new one to replace it. I'll purchase the laptop and claim the total back as an expense.

    Anyone see any issues with this?
    Was it telling the right time before it died?
    Bazza gets caught
    Socrates - "The only true wisdom is in knowing you know nothing."

    CUK University Challenge Champions 2010

    Comment


      #3
      Originally posted by cailin maith View Post
      Was it telling the right time before it died?
      No, it was 3 years ahead. Turns out he dropped it on the way home from PC World.

      Comment


        #4
        Times all relative.....

        Comment


          #5
          Originally posted by badger7579 View Post
          My 3 year old HP laptop has finally given up the ghost and died completely. It is a company asset.

          I understand that I can write this asset off and make a note that it’s been disposed of. I then plan to purchase a new one to replace it. I'll purchase the laptop and claim the total back as an expense.

          Anyone see any issues with this?
          Have you already been including depreciation of this asset in previous year's accounts? That may affect it, I guess.

          Comment


            #6
            Originally posted by badger7579 View Post
            My 3 year old HP laptop has finally given up the ghost and died completely. It is a company asset.

            I understand that I can write this asset off and make a note that it’s been disposed of. I then plan to purchase a new one to replace it. I'll purchase the laptop and claim the total back as an expense.

            Anyone see any issues with this?
            It can't be an expense, it needs to be added to your accounts as a fixed asset and amortised over the expected life of the asset

            Only if you were to retain a laptop for less than a year before selling it on could you justify claiming it as an expense
            Doing the needful since 1827

            Comment


              #7
              Originally posted by amcdonald View Post
              It can't be an expense, it needs to be added to your accounts as a fixed asset and amortised over the expected life of the asset
              It can be an expense. It depends on the cost of the laptop and your accountants view.
              "You’re just a bad memory who doesn’t know when to go away" JR

              Comment


                #8
                Yes the asset has been depreciated in the accounts.

                I understand it’s not an expense and would be identified in the accounts as a company asset but the for the purpose of purchase I would buy it and claim the total back under an expense claim.

                Comment


                  #9
                  This is the link I was going to post - http://forums.contractoruk.com/accou...ml#post1259435
                  "You’re just a bad memory who doesn’t know when to go away" JR

                  Comment


                    #10
                    Originally posted by SueEllen View Post
                    It can be an expense. It depends on the cost of the laptop and your accountants view.
                    Your accountant can have any view they like but it's still a fixed asset if it's expected use is over 1 year

                    I should know I spent nine long years as an accountant bored for every minute of my working day, and I've yet seen a laptop cheap enough not to count it as an asset

                    It depends how risk averse you are and how much hassle you want in the case of an IR inspection....
                    Last edited by amcdonald; 2 March 2011, 15:02.
                    Doing the needful since 1827

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