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Equipment owned prior to setting up a company
unknownforce
Posts: 14 Forumite
in Cutting tax
Hi all, I hope someone is ale to give me some advice.
I left FTE to start my own Ltd Co. in April last year. I already owned all of the necessary camera equipment as I have been an amateur photographer for a number of years. I don't have receipts but the equipment was probably worth 7k at the time of business set up. Can I list this on my tax return?
Thanks for your time
I left FTE to start my own Ltd Co. in April last year. I already owned all of the necessary camera equipment as I have been an amateur photographer for a number of years. I don't have receipts but the equipment was probably worth 7k at the time of business set up. Can I list this on my tax return?
Thanks for your time
0
Comments
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You can claim capital allowances on the equipment with the base cost being the estimated value at the date you started trading. Same goes with your car, if pre-owned.£705,000 raised by client groups in the past 18 mths :beer:0
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unknownforce wrote: »Hi all, I hope someone is ale to give me some advice.
I left FTE to start my own Ltd Co. in April last year. I already owned all of the necessary camera equipment as I have been an amateur photographer for a number of years. I don't have receipts but the equipment was probably worth 7k at the time of business set up. Can I list this on my tax return?
Thanks for your time
Perhaps your Ltd company could purchase the equipment from you. The sale would not attract any tax to you and the value would be reduced from original so no CGT and selling your equipment would not be an income issue. The company then has a capital cost to offset and you have the £7000..????
SamI'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.0
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