Recording laptop purchase

MattGoku

Please could someone clarify what the procedure is for marking down the purchase of a laptop in the accounts and tax return. It will be used 100% for business, so I wont have to worry about determining business/personal use.

Thanks

zygurat789

MattGoku wrote: »

Please could someone clarify what the procedure is for marking down the purchase of a laptop in the accounts and tax return. It will be used 100% for business, so I wont have to worry about determining business/personal use.

Thanks

You should record it as an asset and report it on your balance sheet, applying depreciation if applicable.
Depreciation doesn't count for taxation, you add it back to profits and deduct Capital Allowances which, in this case are 100%

PlutoinCapricorn

My turnover was small enough for me to supply totals only with no breakdowns, so I just added the cost of a small, cheap laptop into the general expenses. It is hardly an asset as such. Other people have done the same; it is another matter if it is a very expensive, specialist model.

zygurat789

PlutoinCapricorn wrote: »

My turnover was small enough for me to supply totals only with no breakdowns, so I just added the cost of a small, cheap laptop into the general expenses. It is hardly an asset as such. Other people have done the same; it is another matter if it is a very expensive, specialist model.

Which, in this case, amounts to the same thing but the OP did ask for the procedure.