The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Assests transferred to limited company
Post Info TOPIC: Assests transferred to limited company
Georgie


Guru

Status: Offline
Posts: 700
Date:
Assests transferred to limited company
Permalink Closed

Hi,

Does anyone know how the assets are  treated of a sole trader who has now incorporated when:

1. The assets have been fully claimed for through capital allowances when they were a sole trader but now wants to use them in his limited company?

2. low cost equipment like an office chair for £100 has already been been expensed when he was sole trader but now wants to use it in his limited company?

georgie



__________________
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink Closed

1. Transfer in at NBV into the accounts but dont claim CAs if they have been fully claimed in sole trader.

2. Wouldnt bother including in the ltd co accounts if has been expensed rather than capitalised in sole trader.



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Georgie


Guru

Status: Offline
Posts: 700
Date:
Permalink Closed

Thanks Mark...out of curiosity why shouldn't i bother including the chair in the ltd accounts?

Georgie

__________________
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink Closed

You could capitalise it if you want but as you have expensed it already it has no value



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Assests transferred to limited company
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About