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Post Info TOPIC: re: Depreciation of a Laptop


Newbie

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re: Depreciation of a Laptop


Hi

 

Can a laptop be depreciated 100% in the year of Purchase? Total cost of item £1100

 

Thanks 

 

Mike



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Master Book-keeper

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Hi Mike

How's about an intro before we start- we always ask newbies. Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? Who is your MLR cover with?That sort of thing. Helps get to know you but also how best to pitch answers.

Also - pls add your first name so that it appears under the signature bar on your posts via Edit profile --->signatures

Why are you wanting to depreciate it over such a short period?


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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Guru

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Is not the whole point of deprecation to spread the cost of an asset over its useful life?

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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Accruals concept. Who needs rules. Hence my question Doug. I do as usual have more though as well to get to the nub of it, I reckon, although Mike has gone offline  so maybe doesn't like my Qs. 

 

 






-- Edited by Cheshire on Wednesday 26th of September 2018 03:12:22 PM

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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Guru

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And just to state the obvious just in case this was where Mike was going with the question, the depreciation of the laptop will not qualify for tax relief 



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Artois wrote:

 

And just to state the obvious just in case this was where Mike was going with the question, the depreciation of the laptop will not qualify for tax relief 


 

Nor perhaps will the laptop at that price, especially if it fails the W&E (and N) tests.  

Suggest you employ the services of a suitably qualified Accountant Mike so there are no expensive mistakes made. They will ask the range of questions pertinent to this scenario.



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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Forum Moderator & Expert

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Posts: 11582
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lol, its the wrong question.

I can read between the lines the desperation of you two wanting to answer the question that the poster should have asked rather than the one that they did.

Agreement though... no fixing the poster until they properly introduced themselves and answered initial questions. I'm fed up of people asking questions then we never hear from them again even to answer queries pertaining to their own questions.

Few more to add...

Limited or self employed?

VAT registered?

Is that the VAT inclusive or exclusive price?

Whose name is on the invoice for the Laptop?

First year?

When did you start trading?

Thats enough for starters...



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Big fat WOT Shaun. Check out the profile.

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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Forum Moderator & Expert

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Posts: 11582
Date:

Lol Joanne. Are we really that frightening?... Actually, scratch that question, think I already know the answer!



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.

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