What code would I allocate to this item, is it a capital asset or general purchase
Thanks if you can help
It depends on the value really. To my mind a memory card being around £50 is an IT consumable, so a general purchase.
Capital assets are items you’d usually expect to last several years and be depreciated annually.
Thank You for your swift response
I’d put it as a consumable as well.
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Your accountant would probably be the person to ask for the specifics on this but I have had different accountants say anything below a set amount can generally be regarded as just a general purchase/consumable (anywhere from £100 to £300 or so IME).
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General Expense. It cannot be a capital asset.