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L
Loddonside
January 3, 2021
Question

Company Assets

  • January 3, 2021
  • 1 reply
  • 0 views

Hi Community,

 

I run a very small public policy consultancy business with an annual turnover of around 60k.  I am the only employee, and my assets are my laptop (which was a gift from my husband years before I started the business) and a very old printer (which also predates my business set up).  I am just about to buy myself a fancy stand-sit desk, and was wondering if I should record this as an asset and depreciate it over a period of time or whether just to consider it an expense.  

 

On a more general note, do you think HMRC will notice/care that my business has no assets at all?  Could this cause any issues down the line?   

 

Thanks!   

1 reply

E
EmmaM
January 4, 2021

Hello Loddonside, Depending on the type of business you have t you may need to provide records to companies house of business assets. If it is an equipment purchase for the business you can set up in accounting>chart of accounts>the asset and the depreciation account you can also set and you could in recurring transactions(in the cog in the top right) set up a recurring template of a journal entry to automatically do this for you. You may want to confirm this with an accountant.

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