ASSET TRANSFER

apple
apple Registered Posts: 39 Dedicated contributor ? ? ?
Newly incorporated company, one man shareholder & director. Director would like to transfer his asset to the company, the company is not able to for for the assets so it would be a director loan. What taxes should the director pay after the transfer if there is no money paid out?

Comments

  • Scalloway
    Scalloway Registered Posts: 10 Regular contributor ⭐ ? ⭐
    If you transfer the assets at the tax WDV there will be no tax consequences for the sole trader business. Put them into the Ltd Co's books by debiting assets and crediting Director's Loan. The director can then withdraw the loan with no tax consequences when funds permit.
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