Just a word of warning - should you dispose of the asset / computer, you have to add back the wear and tear already claimed, limited to the selling price.
Just a word of warning - should you dispose of the asset / computer, you have to add back the wear and tear already claimed, limited to the selling price.
Francois_za (14-Jan-20)
Dellatjie something that so little people do and keep record of and disclose properly, VAT, wear and tear and possible CGT effects
What concerns me the most here, is that people are chasing tax deductions. When they need financing, their assets are worth next to nothing, then they don’t understand why they cannot get any bank to help them.
I am not scared of using deferred tax and getting the right values from clients in terms of useful life and residual value. It takes a bit of extra work, but it’s worth it in the end.
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Dave A (18-Jan-20)
Just use AssetWiz...
But beware though, it is petty comprehensive.
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