{"id":14998,"date":"2021-03-23T08:00:03","date_gmt":"2021-03-23T08:00:03","guid":{"rendered":"https:\/\/www.keesdeboekhouder.nl\/declaring-private-items-as-business-assets-smart-or-not\/"},"modified":"2024-02-08T09:53:39","modified_gmt":"2024-02-08T09:53:39","slug":"declaring-private-items-as-business-assets-smart-or-not","status":"publish","type":"post","link":"https:\/\/www-backup.keesdeboekhouder.nl\/en\/declaring-private-items-as-business-assets-smart-or-not\/","title":{"rendered":"Declaring private items as business assets &#8211; smart or not?"},"content":{"rendered":"<section class=\"header-block block\" style=\"background-color: #f4f4f5;\">\n    <div class=\"container h-100\">\n        <div class=\"header-block__wrapper row h-100\">\n            <div class=\"header-block__left d-flex col-12 col-sm-7 d-flex justify-content-center align-items-end\">\n                <img decoding=\"async\" loading=\"lazy\"\n                     class=\"image d-block\"\n                     alt=\"Declaring private items as business assets &#8211; smart or not?\"\n                     src=\"https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-scaled.jpg\"\n                     srcset=\"https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-scaled.jpg 2560w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-300x177.jpg 300w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-1024x605.jpg 1024w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-768x454.jpg 768w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-1536x908.jpg 1536w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/nick-hillier-ozKgHSxluxQ-unsplash4-3-2048x1211.jpg 2048w\"\n                     sizes=\"(max-width: 2560px) 100vw, 2560px\"\/>\n                                <span class=\"image-caption text--small\"><\/span>\n            <\/div>\n            <div class=\"header-block__right d-flex flex-row flex-wrap col-12 col-sm-5 justify-content-start align-items-start align-items-sm-end\">\n                <h1 class=\"title\">Declaring private items as business assets &#8211; smart or not?<\/h1>\n                                <div class=\"d-flex col-12 justify-content-start justify-content-md-end p-0\">\n                    <span class=\"label text--small\">23 March 2023 &#8211; reading time: 2 minutes<\/span>\n                <\/div>\n                                            <\/div>\n        <\/div>\n    <\/div>\n<\/section>\n\n<section class=\"quote-block block\">\n    <div class=\"container\">\n        <div class=\"row\">\n            <div class=\"col-12 col-md-8 offset-lg-1 col-lg-9 offset-xl-2 col-xl-8\">\n                <div class=\"quote-block__quote-wrapper d-flex flex-wrap\">\n                    <blockquote>You started a company and you want to get to work. There\u2019s a good chance you will need a laptop or maybe certain equipment or tools. But do you need to buy these items again if you want to declare them as a company asset or is it also possible to declare that drill or drawing tablet that you already bought privately last year as business costs?<\/blockquote>\n                    <div class=\"text--small text--weight-500\"><\/div>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/section>\n\n<section class=\"text-block block columns-1\">\n    <div id=\"\" class=\"deeplink-anchor\"><\/div>\n    <div class=\"container\">\n        <div class=\"row\">\n            <div class=\"col-12 offset-lg-1 col-lg-10 offset-xl-2 col-xl-8\">\n                <div class=\"text-block__text-wrapper rich-text d-block\">\n                    <p><strong>No double costs<\/strong><\/p>\n<p>It is possible to declare items that you bought before starting your company as business costs. It can be beneficial because this way you don\u2019t have to buy them again and you can deduct them from your turnover. This will lower your profit and you ultimately pay less income tax. How you process this in your administration depends on whether you bought the items with the intention of using them privately, or whether you already intended to use them for your business.<\/p>\n<p><strong>What\u2019s it worth?<\/strong><\/p>\n<p>If you had the intention to use the item privately at the time of purchase, you\u2019ll need to put it in your accounts at the current market value. This is the same price at which you would sell it if you were to sell it on Marktplaats, for example. In fact, you \u2018sell\u2019 it to your own company. Because you sell it as a private individual, you don\u2019t charge VAT and that means you can\u2019t reclaim this in the VAT return.<\/p>\n<p>Did you buy the same laptop with your future company in mind and can you demonstrate this? Then you can put it in the administration for the full amount and also deduct the VAT on your first VAT return. It\u2019s important that you can add the original receipt or invoice as well.<\/p>\n<p>Is the value over \u20ac 450? Then the business asset is considered an investment and you aren\u2019t allowed to deduct the costs in one go. You must write off the product. This means that you spread the costs over a period of five years.<\/p>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/section>\n\n<section class=\"image-block block\">\n    <div class=\"container\">\n        <div class=\"row\">\n            <div class=\"image-block__image-container col-12 offset-xl-1 col-xl-10\">\n                <div class=\"image-block__image-wrapper\">\n                    <img decoding=\"async\" loading=\"lazy\"\n                         class=\"image d-block w-100\"\n                         alt=\"Declaring private items as business assets &#8211; smart or not?\"\n                         src=\"https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-scaled.jpg\"\n                         srcset=\"https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-scaled.jpg 2560w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-300x174.jpg 300w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-1024x594.jpg 1024w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-768x446.jpg 768w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-1536x892.jpg 1536w, https:\/\/www-backup.keesdeboekhouder.nl\/wp-content\/uploads\/2023\/09\/cristofer-jeschke-PP1yKpfA4HY-unsplash-3-2048x1189.jpg 2048w\"\n                         sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\n                    <div class=\"rotated-label\">\n                        <label><\/label>\n                    <\/div>\n                <\/div>\n        <\/div>\n        <\/div>\n    <\/div>\n<\/section>\n\n<section class=\"text-block block columns-1\">\n    <div id=\"\" class=\"deeplink-anchor\"><\/div>\n    <div class=\"container\">\n        <div class=\"row\">\n            <div class=\"col-12 offset-lg-1 col-lg-10 offset-xl-2 col-xl-8\">\n                <div class=\"text-block__text-wrapper rich-text d-block\">\n                    <p><strong>Exceptions <\/strong><\/p>\n<p>So declaring privately purchased items as business costs is beneficial. But is it always smart to do so? As you might have guessed, there are exceptions. For example, do you own a <a href=\"https:\/\/www.keesdeboekhouder.nl\/en\/a-company-car-wise-or-not\/\" rel=\"noopener\" target=\"_blank\">car<\/a> or (electric) <a href=\"https:\/\/www.keesdeboekhouder.nl\/en\/company-bike-easy-to-arrange\/\" rel=\"noopener\" target=\"_blank\">bicycle<\/a>? Then it\u2019s wise to first calculate whether it\u2019s advantageous to declare it as a business asset or to keep it private.<\/p>\n<p>If you declare these means of transport as business assets, you can declare all related costs. On the other hand, a private addition is charged in the income tax return. If this addition is higher than the costs you can declare, this can be disadvantageous.<\/p>\n<p>Do you want to know for sure what is sensible in your situation? Your accountant will be happy to calculate it for you!<\/p>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>You started a company and you want to get to work. There\u2019s a good chance you will need a laptop or maybe certain equipment or tools. But do you need to buy these items again if you want to declare them as a company asset or is it also possible to declare that drill or drawing tablet that you already bought privately last year as business costs?<\/p>\n","protected":false},"author":8,"featured_media":19174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-14998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-keep-up-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Declaring private items as business assets - Kees de Boekhouder<\/title>\n<meta name=\"description\" content=\"Can you declare personal purchases as business expenses? Learn about claiming existing items as company assets. 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