I have an item that I bought via my company but it no longer works and I want to buy a replacement (repair company said that its not worth trying to repair it). Can I just toss the old one and buy a new one and leave it at that or do I need to go through a process to prove I dumped it in the event of a revenue audit?
Throwing out business purchases
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Brendan Burgess
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I would imagine that a quote from the repair company saying it's not worth repairing and has no trade-in value, would be fine.
Revenue don't normally go checking on minor stuff like this unles it was a PC or laptop or TV scrapped within a year or so or unless there was a series of scrappages of items which could be put to personal use.
Revenue don't normally go checking on minor stuff like this unles it was a PC or laptop or TV scrapped within a year or so or unless there was a series of scrappages of items which could be put to personal use.
The Revenue are reasonable about such things. If the item has a high book value, they might ask questions; otherwise, almost certainly not.
A tidy solution might be to ask the supplier of the replacement to dispose of the item for you, and note the fact on the invoice for the new item. They might even give you a token trade-in allowance.
A tidy solution might be to ask the supplier of the replacement to dispose of the item for you, and note the fact on the invoice for the new item. They might even give you a token trade-in allowance.