Anonymous
Share this content
0
240

How to incorporate not written down assets

How to incorporate sole trader buisness assets that were not written down yet.

Didn't find your answer?

Search AccountingWEB

Hello,

I would be thankful, if someone could answer my question. I have a small sole trader buisness and I am thinking of becoming a limited company, mainly because it would allow me to get better paid work. I have bought a lot of equipment for my buisness, a lot of which has so far not been deducted from my taxes. Can I bring these into a ltd company without loosing the possibility of writing them down? Or can I maybe leave them outside the company and then use them to save taxes?

Many thanks!

Max

Replies

Please login or register to join the discussion.

avatar
23rd May 2019 13:34

Hi Max. Don't worry, it's not just you. See https://www.accountingweb.co.uk/any-answers/tax-treatment-of-van. As discussed in that thread, the best approach might be to ask your accountant - or engage one if you don't yet have one.

Thanks (1)
24th May 2019 11:32

Definitely worth talking to an accountant to understand how to run a company, bookkeeping needs to be more formal etc so you need to get this right from the start. You can bring assets in, but timing of cessation of sole trade and when you claim the capital allowances might be important. Most local accountants will give a free meeting, find one you like and go from there.

Thanks (2)
avatar
24th May 2019 13:49

Thanks for your replies. I will consult an accountant then.

Thanks (0)
Share this content