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Sole Trader Fixed Assets & Depreciation

Sole Trader Fixed Assets & Depreciation

I have just taken on a Sole Traders Accounts and I am trying to complete his self - employed accounts for the 09-10 tax year.  Previous accountant of 3 years (since startup) has not completed an asset list or taken into account depreciation or capital allowances.  I have complied a list of assets for the 07-08, 08-09 and 09-10 years from the purchase invoices but think first two years have just gone through P&L as purchases.  My client says the list doesnt include many of the assets he holds.  In light of this could anyone please suggest the best way to introduce the assets to the sole trader accounts.


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By BMary83
18th Apr 2012 19:18


Difficult one.  It escapes me at the mo when AIA was introdcued but assuming there is not an ultimate tax gain/loss of having been treated as a purchase as opposed to an asset I would possibly be tempted to leave as is unless by doing you are materially misstating the balance sheet.  What are the value of the assets?  Are they material?  


Not sure if anyone else would agree with me on this though so I would be interested to find out others opinions on this as well.

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