Construction Insider Logo

Construction Insider

Get Access to the Construction Insider Magazine, Saint Sunday and Exclusive tips & tricks to scale your business.

You're all set!

Thank you for subscribing to the No.1 Construction magazine for construction businesses.

Oops! Something went wrong while submitting the form. Please check your email and try again

We Use Cookies! Learn More

Sounds Good!
Use Of Assets In The Company | Tax Tips
Construction Insider logo

Use Of Assets In The Company | Tax Tips

Day / Night Icon
Construction Insider - Arrow Left
Back to the Toolbox

Assets In A Company

There are situations that arise, personal use of company assets or company use of personal assets, especially in a family company for example. If this is the case you could be taking advantage of tax benefits in both scenarios!

Personal Use Of Company Assets

If you are considering buying an asset that will have business use, you should consider if you can pay for it via your company.

The savings can include Income Tax, NIC, Corporation Tax and VAT.

The assets must be bought and use primarily for business use. It will be taxable on you if there is significant personal use, or if the asset is unnecessary for your business.

If you are considering buying an asset and you think you can use it within the business as well, like a new iPad then you should be putting this cost through the business instead of paying for it personally!

Company Use Of Personal Assets

If you are using personal assets in your company then you should consider charging rent for it. The benefit of extracting funds as rent instead of taking an extra salary, is that you will avoid additional national insurance.

Again, having savings in Income Tax (PAYE), National Insurance, Corporation Tax.

If you sell the shares in the company alongside the personal asset in the future, you could be able to claim 'Business Asset Disposal Relief' which will reduce the tax on your gains to only 10%

If you need any advice in regards to tax, Saint Financial Group have a tax team who specialise within the construction industry ready to support your business.

Frequently asked questions

Construction Yellow Tag
This Article was included in:

This article has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.

PS. Whenever you are ready, here's how to grow your construction business...

1. Join our Facebook Group which built completely for businesses within the construction industry. Real people, real support. - Now also available on LinkedIn.

2. Keep up to date with Construction Insider Providing you with industry insight, tips & tricks and much more to make sure you are ahead of your competitors!

3. When you are ready, Become a Saint Financial Group client, and we will provide you with the highest quality solutions to effectively scale your construction business. Book your meeting here!

Use Of Assets In The Company | Tax Tips

Written by the team at:

Saint Taxation

Got a question? Ask us here 😉
Construction Insider Logo

Grab Your FREE Copy Here!

Saint Accountancy
The Saints Dashboard
Advertise with us

How To Grow Your

🚧 Construction Businesses 🚧

Get Started With Saint

Construction Insider

Is your website ACTUALLY working?

A website's job is to win business for our construction business! There's no point of it sitting idle, collecting dust! A website is a tool and how we use it makes the difference!

Next Article