Fixtures and fittings or?

[clivem]

hi all,

Is there a value at which point an item falls under Fixtures and fittings for depreciation? or what would this fall under?

For example we have bought some second hand racking at £180 ( new price is over £1000 ) do we still put this under fixtures and fittings and depreciate this over 5 years?
Similarly some second hand office chairs at £30 each

Other warehouse / office furniture if bought second hand and not from a VAT registered business?

[QFSteve]

Hello @clivem

Unfortunately the support team can not provide advice on this.

For professional advice on this I would recommend speaking to a registered accountant.

I will however leave this thread open as there are some accountants on the forum who may comment.

[cbstephensaca]

Generay speaking, there is no set limit, it is down to your choice. I would suggest the chairs just be expensed as office equipment. You could set the limit at £150-£200, or higher, or you could capitalise everything that you expect to use in your business for 2 years or more.
As long as your approach is reasonable and applied consistently, it shouldn’t matter.

[clivem]

cbstephensaca,

thanks very much for the reply, that’s really helpful