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New Business Advice Please
jehangir
Posts: 155 Forumite
Can anyone please offer up some advice please.
I have started up as an sole trader in earlier February 2013 , buying and selling musical instruments .
My question is that i have an alot of musical instruments which i have acquired over the last 20 years from birthday , gifts and auctions ( some quite expensive now) .
The problem is that I need to sell some instruments to raise some cash for my new business but i have no receipts for the instruments . I was wondering what would be the best way of selling the items as i do not want to get in trouble withe HRMC , ( do i have to sell them through my business ).
Any advice will be much appreciated.
J
I have started up as an sole trader in earlier February 2013 , buying and selling musical instruments .
My question is that i have an alot of musical instruments which i have acquired over the last 20 years from birthday , gifts and auctions ( some quite expensive now) .
The problem is that I need to sell some instruments to raise some cash for my new business but i have no receipts for the instruments . I was wondering what would be the best way of selling the items as i do not want to get in trouble withe HRMC , ( do i have to sell them through my business ).
Any advice will be much appreciated.
J
0
Comments
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If they are personal items which you have built up you are free to sell them with no tax implications, if you bought them to sell they should go through your business.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
See an accountant I would suggest. You might need to have some sort of inventory taken of what is personal and what is not so that you can in the future explain payments made to you for the personal instruments.0
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