Balancing allowance on cessation ??
If a sole ceases trade and incorporates but decides not to transfer the car to the limited company (because of BIK) can he claim a balancing allowance on the vehicle on cessation or is this denied because the vehicle still exists and is now owned in his own personal right ??
Many thanks.
Comments
Sounds a bit fishy?
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Fri, 03/02/2012 - 08:14 |
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Sorry couldn't resist! Previous post is of course correct ... you can get a valuation free on-line from Parkers or Glasses guide.
"If a sole ceases trade and
"If a sole ceases trade and incorporates" Firstly, I strongly believe that fish should not be allowed to run companies...!! Secondly, I believe (less strongly) that the sole trader would be treated as having disposed of the vehicle to himself for its market value on the date the trade was transferred to the limited company. So, this would give rise to a balancing charge/allowance on cessation of the sole trade.