Transfer of assets from ST to company
I have recently completed and submitted accounts and tax return for a LTD company. It was the first period of trading and some stock items have been transferred from the sole trader to the LTD company, along with some questionable goodwill, not valued.
But, I decided to wait until I had completed his SA return - to then find out, whether the goodwill was in fact, worthless, and to then, when I had a handle on the "real" values of all the stock items / goodwill, to then approach HMRC with reference to the forms etc that need to be completed - i.e with reference to transferring the assets over to the company.( I have not claimed any capital allowances on this tax return for these questionable items)
Im sure that this is very basic, but I havent come across this before, my question is two fold :-
1) Have I been right to wait - or is there a timelimit to this election? (I submitted the accounts 8 weeks ago, and expect to do his SA return within 8 weeks or so), and,
2) can anyone point me in the right direction of the forms which need to be completed?
Manymany thanks for any pointers.