Re: It is not just lost VAT ...
Oh Dear, Lets take it one at a time shall we?
"@Natalie - agreed, toilet paper is definitely at the bottom of the list of useful 'dodges' but one of the earlier contributors, moaning about how soon it would come up, is probably able to buy the latest tech under his "company boss" hat for use under his "home with the family" hat, and then says "The fact that I own the company that employs me has no bearing whatsoever on this." which I consider a steaming heap of BS."
The point I was making is that anything I buy while wearing my "Company Boss Hat" has to be justifiable as a business expense. So I can buy a shiny new laptop for 3k as long as its primary function is for work (same as you taking an employers laptop home and being allowed to use it to browse the net in your own time).
I *could* if I wanted go out and buy myself a 55" curved AMOLED TV for "Video conferencing" but If I get investigated I'd fully expect to end up with a ridiculous fine if they found it in the front room with an x box plugged in.
"He's clearly annoyed at the suggestion,"
Clarification : Im annoyed at the constant suggestion that contractors are somehow diddling HMRC and that everything we do should be taxed at the same or higher rate as permanent staff. This comes from a distinct lack of understanding of how limited companies operate and the fact that for liability reasons we NEED to work under a limited company - Try to get a contract role as a sole trader.. I can guarantee that you wont at least not for any decent rate or for a decent length of time.
"and by sinking into the sewer to use the f-word"
C'mon, we're all adults, its just a word, say it.. you'll feel much better.
"If some of the equipment happens to have useful access to, say, Netflix, iPlayer, Sky Go, he'd no doubt claim it was purely to keep up with legislation :)"
Actually there is a bit of a grey area there, all of my previous employers before I started contracting allowed me to use my IT equipment for personal use (within reason) - I dont see why having netflix on my work laptop would be an issue now that I am running my own company?
Its not to keep up with legislation, its so I can watch movies when Im in a hotel 4 nights a week for months on end. In fact - if you go and have a look at HMRCs web site you would find that it would actually be permissible for the company to pay for the subscription as long as it was declared as a BIK and I (personally) paid the tax on it.
But then that would require you to have some knowledge of the subject rather than just spouting some crap you made up based on something someone once told you.