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Leasing computer to my company
thelawnet
Posts: 2,584 Forumite
in Cutting tax
Any ideas on this? I have set up a PSC and obviously the company needs IT equipment, which I own in a personal capacity.
Can I lease it to the company to reduce the tax burden my company faces?
Can I lease it to the company to reduce the tax burden my company faces?
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Comments
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Only if you want to pay personal tax on the income you get from this lease!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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If you're asking this because you bought the PC before you set up PSC then it's not to late to transfer the items (and their cost) into the company.
They are called 'pre-trading expenses' and you will be able to set the cost off as a PSC expense. (claim capital allowances for the PC as it's a capital asset, FYA, depreciation, blah, blah).
You can do this for anything you owned before and now use in the company.
HTH
PS...Get a basic book from the library or see an accountant.0 -
BFGs method is the one I'd suggest. Of course it must be transferred in at MV which may be zilch...but on the positive side the company could recover the VAT if it is registered.0
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Cook_County wrote:BFGs method is the one I'd suggest. Of course it must be transferred in at MV which may be zilch
Surely it can be transferred in a cost price as it was being used for the purpose of the business before trading??
ps - not an acct, so happy to be corrected.0
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