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Nominal Account Code Camera?


#1

Hello can anyone help with what sort of code I would use for example.

A camcorder or camera?
Tools used in the business valued around £1000?

Small value items like , batteries , or equipment under £500 used within the business ?

Thanks


#2

A camcorder and tools would be capital assets - so should be added onto one of your capital assets codes.

Equipment that is expected to last several years even under £500 would normally still be classed as an asset.

Batteries are consumables, so go on a suitable non-capital code.

I’m not an accountant, just self-taught to run my own business. It’s always best to get advice from your own accountant if you have one, but this is my own understanding of best practice.


#3

So would a camcorder go under plant and machinery also tools under £500?

Also what about small items of equipment under £100 that are not consumables ?


#4

Unless you want to create your own Asset account for it, plant and machinery sounds like the right place.

Small items like that would be worth asking your accountant for the most tax-efficient classification for them.


#5

OK thanks yes I have some small items like fittings for equipment and accessories etc…


#6

Maybe I should just put small items as general purchases valued under £100 ?


#7

Different accountants will say slightly different things on this and you can also do whatever you want here to some extent anyway, but that is not an uncommon way of dealing with purchases. Pretty much every physical purchase of mine under £100 or so is a general purchase.