Market Value of Van

Laura8192Laura8192 Feels At HomePosts: 95Registered
I have a client who has been running a Limited company and a self employed business for the same trade for a couple of years (on a previous accountants advice).

Since he has moved to me, and on my advice, is happy to cease the self employed business and just have a Limited Company.

Last year he purchased a van, which was put through his self employed business. It was purchased for £5,050, and a WDA of £1,010 was utilised last year. As we now need to transfer ownership to his Limited Company, should I use £4,040 as a reasonable market value? As that is the value of it in the "Self employed" books?

How do you determine Market Value of Vans/Cars, are there any websites you use?

Van was purchased January 2012 and his year end is 31 March, I'm working on his accounts for the yer ended 31 March 2013 at the moment.

Comments

  • burgburg Experienced Mentor GloucesterPosts: 1,440Moderator, FMAAT, AAT Licensed Accountant
    The simplest way when normally transferring from sole trader to ltd company is to use the tax wdv but market values an alternative.
    Regards,

    Burg
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