Query on buying business equipment

Hi all,
If I buy a piece of equipment (say a laptop) used as part of my business (ltd company/self employed) can I pay for it by cheque from the business account- in full or do I have to “write it off” over a number of years?

What is the standard way to but business use equipment?

Thanks!

If it's a business asset you pay for it out of the business account, and get an invoice / receipt made out to the company / business name.

I'm not sure about the "in full" part of your question, because whilst you pay for the asset in full through the business, you then have an asset on your balance sheet which you depreciate (i.e. "write off") over a number of years.

Maybe you're asking if you can claim the amount paid as an expense - in which case the answer is no - you have an asset, which gives rise to depreciation for accounting purposes, and capital allowances for tax purposes.

Thanks Mandelbrot.
I may have been making an accounting error of late, it seems.
For instance, I bought a laptop with my personal credit card and then added the amount for it to my expenses for that month.

The laptop cost 1500 (exe VAT) and I then added the 1500 to my pay at the end of month.

If I paid for it through my bus a/c- the whole 1500, then how does it depreviate over time? What does this mean in terms of money flow?
What actions does the “writing off” take?

Thanks for your help!

12.5% allowed pa over an 8 year period.

12.5 % for Tax purposes - but probably 3 or 4 years for Accounting Purposes

When the Company / Businsee paid you your expenses it should have

DR Fixed Assets 1500
CR Bank 1500

Then for accounting purposes you depreciate it Say over 3 years

DR Depr (PL ) 500
Cr Acc Depr (BS) 500

When doing your Tax - Depreciation is not an allowable expense so you add back the 500

But you are allowed a deduction for capital allowances at 12.5 % every year for 8 years or until asset is disposed of

Thanks for your help.

MM