Fixed Assets previously owned for private use

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Hi

Can anyone advise me on how much you can claim on an asset that was owned before going into business that is now used for business use? I know I read something a while ago on the internet but can't remember where I saw it now!

ie a computer
or tools and machinery for a builder

Thanks for any advice you can give.

Sue

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Fixed Assets previously owned for private use

    It is basically a guestimate value, I always say to my clients "if you were to sell the asset/s tomorrow what would you get for them"

    That then gives an indication of a "market value" and is a "true & fair view"

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Fixed Assets previously owned for private use

    Dean

    Thanks for your help.

    Sue

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