Loading Profile...
Recent activity
Subscribe to this feed
Simon Starr replied on March 11, 2010 09:26 to the question "Selling an asset that I no longer use" in FreeAgent Central:
Excellent, thanks Emily!-
Simon Starr replied on March 09, 2010 15:27 to the question "Selling an asset that I no longer use" in FreeAgent Central:
That's great, thanks again for your help.
On a related note, I have a pair of domains that I no longer need (the same name with a .com & .co.uk extension). Again, I bought these myself and claimed them as expenses under "Web Hosting", the total cost was £17.12 inc. VAT.
Someone now wants to buy both the domains and we've agreed a price. Do I need to create the same kind of journal entries as for the monitor; i.e. to move the net amount to "Web Hosting", or is there some other rule for "virtual assets" such as domain names?
Alternatively, can I sell them back to myself at the cost price of £17.12 and then sell them on personally (and within my capital gains tax allowance) to avoid further headaches? -
Simon Starr marked one of Emily's replies in FreeAgent Central as useful. Emily replied to the question "Selling an asset that I no longer use".
-
Simon Starr replied on March 09, 2010 14:08 to the question "Selling an asset that I no longer use" in FreeAgent Central:
I bought it for £100.85 during my first year on the flat rate scheme.
Thanks Emily, I really appreciate you taking the time to give me such a comprehensive reply! -
Simon Starr replied on March 09, 2010 14:02 to the question "Selling an asset that I no longer use" in FreeAgent Central:
I don't think I added it as a capital asset - all I did was add an expense for the cost of the monitor under the "Computer Hardware" category.
I am on the flat rate scheme, currently at 13% -
Simon Starr asked a question in FreeAgent Central on March 09, 2010 13:23:
Selling an asset that I no longer useI bought a monitor about 18 months ago and claimed the cost back from my ltd company as an out of pocket expense. I don't need it anymore so I'm selling it to someone (another freelancer with a ltd company) for an agreed price of £50. Both of us are VAT registered.
What's the most sensible way to do this? Should I just raise an invoice for £50 inc. VAT? -
Simon Starr started following the idea "Higher quality video" in SeeSaw.