I've taken over a new client from another accountant. He's been trading since April this year as a Ltd company. No accounts have been prepared by the old accountant, so no trial balance etc forwarded to me. The client is a car mechanic and has been personally paying for and accumulating tools over several years, whist employed, but which he is now using in the business. He has asked if any of these can be included as expenses. I know you can charge pre bought equipment for the business as if acquired on the first day of trading, but to what extent. Wondered if anyone else had come across this and had any advice. The client is talking up to 10 years of purchases!!
Many thanks. The client has a complete list from the supplier of all tools bought and dates, so I'll be able to use that to get a value to bring in. Again, thanks for your help.
