Sole Trader to Limited Company
JMS
Registered Posts: 4
Hello all,
I have a client who is incorporating for the first time. He has a fixed asset (Van) and goodwill and wants to transfer it into the company. My understanding for the company side is that it will be:
DR FA (tangible & intangible)
CR DLA
But how does it affect his sole trader self assessment?
Thanks in advance,
Joanna
I have a client who is incorporating for the first time. He has a fixed asset (Van) and goodwill and wants to transfer it into the company. My understanding for the company side is that it will be:
DR FA (tangible & intangible)
CR DLA
But how does it affect his sole trader self assessment?
Thanks in advance,
Joanna
0
Comments
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At which value does he transfer the assets? Does incorporation relief apply?0
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VAN and goodwill0
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Yes but what was paid from the company to the sole trader for the assets? Market value or other value? Is there an election to transfer assets at TWDV? Did incorporation relief apply?1
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Market value0
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And with client we are wondering which relief we can use0
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