Renting furniture to yourself

Cheeky_Monkey

I don't think the OP and his partner are interested in doing someone less fortunate than themselves a good turn. It would appear that £500k isn't enough for them so they 'need' the few extra quid the tax avoidance scheme will bring in.

westernpromise

AdrianC wrote: »

Yes, there is.

Sell it at a local auction or in the local paper.

Or give it to a charity, and let them sell it. There are local furniture recycling charities across the country, most of whom can collect. If it's good, it can be sold straight away. If it needs work, they usually refurbish in conjunction with charities who work with people with mental ill-health or learning disabilities or otherwise needing support. And the furniture's often bought by those on low incomes. Win all round.

...or you could just chuck it in landfill...

Nope, already looked at all that. The second-hand value of nearly-new furniture is less than zero given that it costs a would-be buyer money to move it. I cannot give it away to a charity shop as I know of none that collect it for nothing and thus I’d have to pay money to have it taken to one. I’ve been quoted £100 to £300 to have this done.

The cheapest way to remove it from the property is to have the council take it away and crush it on the spot. Everything else costs more.

Stevie_Palimo

Give it away on Freecycle then or Gumtree and whilst you are clearly looking at a way of avoiding any tax that is due I would certainly hope that this comes back and bites you down the line, I am not annoyed when people have money and are given it but the sheer audacity of trying to keep this hidden or to try and claim benefits whilst in possession of the said funds is taking the blatant mick.

AdrianC

westernpromise wrote: »

Nope, already looked at all that. The second-hand value of nearly-new furniture is less than zero given that it costs a would-be buyer money to move it. I cannot give it away to a charity shop as I know of none that collect it for nothing and thus I’d have to pay money to have it taken to one. I’ve been quoted £100 to £300 to have this done.

The cheapest way to remove it from the property is to have the council take it away and crush it on the spot. Everything else costs more.

Yet you think that there's some tax scheme with this less-than-worthless furniture that'll save you WAY more than the cost of setting up and running a limited company?

JimmyTheWig

At least put it in the front garden when it's not raining with a "please take me" sign on it.

westernpromise

Stevie_Palimo wrote: »

Give it away on Freecycle then or Gumtree and whilst you are clearly looking at a way of avoiding any tax that is due I would certainly hope that this comes back and bites you down the line, I am not annoyed when people have money and are given it but the sheer audacity of trying to keep this hidden or to try and claim benefits whilst in possession of the said funds is taking the blatant mick.

Who's " trying to keep this hidden or to try and claim benefits whilst in possession of the said funds"?

I have no problem with your having an ISA BTW.

westernpromise

AdrianC wrote: »

Yet you think that there's some tax scheme with this less-than-worthless furniture that'll save you WAY more than the cost of setting up and running a limited company?

In principle there might be, yes. Presumably this is why companies that lease out office furniture exist. It's very expensive to buy but instantly worthless once placed in a property.

Person_one

westernpromise wrote: »

Nope, already looked at all that. The second-hand value of nearly-new furniture is less than zero given that it costs a would-be buyer money to move it. I cannot give it away to a charity shop as I know of none that collect it for nothing and thus I’d have to pay money to have it taken to one. I’ve been quoted £100 to £300 to have this done.

The cheapest way to remove it from the property is to have the council take it away and crush it on the spot. Everything else costs more.

Free collection (and I know for sure because I've used both recently):

https://www.bhf.org.uk/shop/donating-goods/house-clearance

http://www.emmaus.org.uk/shop/donate_goods

Honestly, stop being so greedy!

AdrianC

westernpromise wrote: »

In principle there might be, yes. Presumably this is why companies that lease out office furniture exist. It's very expensive to buy but instantly worthless once placed in a property.

You misunderstand the accounting difference to big businesses between CapEx and OpEx, and the benefits and drawbacks of having owned assets versus leased. Add in the benefits of flexibility, and the high purchase cost of office furniture, and there are VERY big reasons why the two scenarios are not comparable.

AdrianC

Person_one wrote: »

Free collection (and I know for sure because I've used both recently):

https://www.bhf.org.uk/shop/donating-goods/house-clearance

http://www.emmaus.org.uk/shop/donate_goods

There may be other, local, charities, too. Where in the country are you? I know of one in Presteigne in Powys, one in Hereford and one in Rickmansworth, Herts. Others may know of others.