Item Date acquiredCost Guarantee expiry date
Lawn Mower 7 May 200X £460 6 May 200X
Spade 5 June 200X £25 Lifetime (DIY store)
Keeping your records updated is vital for a number reasons.
- You have an accurate record of your capital expenditure.
- Each year you can oifset a percentage of this expenditure, usually 25%, against tax.
- Over a period of time you can see which equipment regularly needs replacing and at what cost. This is essential for cost planning and cash flow forecasting.
- Recording the date when the item's guarantee expires is essential to ensuring you take advantage of such guarantees. If the item is not performing as it should be then you should return it and either have it repaired or replaced. When your business expands, it's difficult to remember when you purchased certain pieces of equipment.
- If you are unfortunate enough to suffer a break-in, or have your tools destroyed in some other way, your insurance company will need to see an inventory.
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