Sole Trader to Partnership CA's

Options
bigmuggsy
bigmuggsy Registered Posts: 92 Regular contributor ⭐
Hi

Sole trader set up in partnership, does the WDV on his asset simply carry forward into the partnership as long as agreed by the individual in question?

Many thanks for your help

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
    Options
    I can't see why it wouldn't if both parties were in agreement.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Options
    Yes I think transferring at tax WDV is pretty normal - you'd use the WDV of the previous period so if they formed the partnership in 2010-11, you transfer at the WDV of 2009-10
  • wildgoose1uk
    wildgoose1uk Registered Posts: 200 Dedicated contributor 🦉
    Options
    As long as it is a fair value I cannot see a problem.
  • bigmuggsy
    bigmuggsy Registered Posts: 92 Regular contributor ⭐
    Options
    Many thanks.

    Mike
Privacy Policy