Why it makes sense to buy a new laptop ...

SailorSam

My eyesight is so bad a laptop is no good to me, i need a desktop with a big monitor and even then i'm squinting and hitting the wrong keys. Everything needs re-typing 2 or 3 times.

zygurat789

SailorSam wrote: »

My eyesight is so bad a laptop is no good to me, i need a desktop with a big monitor and even then i'm squinting and hitting the wrong keys. Everything needs re-typing 2 or 3 times.

Well my eyesight is so bad I can't see what you are talking about.

justjohn

I did read a while back that there was some confusion as to if a laptop is and asset or an expense.

As an expense you are chancing your arm as it is.
We renew ours every year or so, so we do put it down as an expense. lol

purdyoaten

justjohn wrote: »

I did read a while back that there was some confusion as to if a laptop is and asset or an expense.

As an expense you are chancing your arm as it is.
We renew ours every year or so, so we do put it down as an expense. lol

It is most definitely not an expense and should not be claimed as such in your accounts- it does NOT reduce your profit. However, as a business asset, you can claim 100% capital allowances on it under AIA and the end result, from a taxable profit point of view, is the same.

http://www.hmrc.gov.uk/capital-allowances/plant.htm#1

zygurat789

purdyoaten wrote: »

It is most definitely not an expense and should not be claimed as such in your accounts- it does NOT reduce your profit. However, as a business asset, you can claim 100% capital allowances on it under AIA and the end result, from a taxable profit point of view, is the same.

http://www.hmrc.gov.uk/capital-allowances/plant.htm#1

Though I have seen a land rover treated as an expense with the agreement of IR.

slhqoue

I did say at the top of this thread: "If I claim 50% of this cost as a business expense." What I meant (apologies for using the incorrect term) was claiming 50% of the laptop cost as capital allowance.

I did not state elsewhere that I intend to put down 100% because nobody will check - that is a lie.

When you say "There would be no Class IV NIC payable on an income/turnover of £4000", does this mean that the income/turnover isn't assessed as being on top of my usual BACS pay?

notanewuser

slhqoue wrote: »

I did say at the top of this thread: "If I claim 50% of this cost as a business expense."

What I meant (apologies for using the incorrect term) was claiming 50% of this as capital allowance.

When you say "There would be no Class IV NIC payable on an income/turnover of £4000", does this mean that the income/turnover isn't assessed as being on top of my usual BACS pay?

No, it means that you aren't liable for class 4 NI until your self employed earnings are over £5800 a year.

Are you sure you'll spend no more than 7 hours a week on non-work things on the laptop?

slhqoue

I don't wish to start an argument, but I'd rather not receive any more 'advice' from you notanewuser. I find your attitude bullying and unhelpful. I'm sure many other people have found your advice valuable as you have been thanked many times, but if you could just refrain from commenting on this thread I'd appreciate it.

notanewuser

slhqoue wrote: »

I don't wish to start an argument, but I'd rather not receive any more 'advice' from you notanewuser. I find your attitude bullying and unhelpful. I'm sure many other people have found your advice valuable as you have been thanked many times, but if you could just refrain from commenting on this thread I'd appreciate it.

I am answering your questions in the simplest possible way.

I'd suggest you google if you don't like it.

notanewuser

https://forums.moneysavingexpert.com/discussion/4944343