Incorporation details
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I have inherited a client who incorporated last September after a period as Sole Trader. His Balance Sheet had a balance of £5,000 on the capital side. Am I right in remembering that this will be a chargeable gain only when he sells the business?
Although there was some fixed assets and £13,000 in the bank he had £38,000 worth of creditors. These are put into a realisation account and the company mirrors this, right?
Thanks for your help
Ben
Although there was some fixed assets and £13,000 in the bank he had £38,000 worth of creditors. These are put into a realisation account and the company mirrors this, right?
Thanks for your help
Ben
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