self-employment ceasation, how to deal with fixed assets
Client ceased his sole trader business at end of the 2010/11 tax year, and went into a partnership operating a fairly similar trade.
I am unsure what to do with equipment, now used in new trade where AIA was claimed last year.
Do I put in a balancing charge for the sole trader and bring the assets into the new partnership at that value? I think I am getting confused
because he hasn't actually sold the items, but has made a full claim on them. Sorry if this sounds very obvious, my brain is is grinding to a halt.