You are not logged in.

#1 23-12-06 12:52:49

Carl
Guest

Transfer of Assets?

Here's a question that I'm not sure whether anyone on here will be able to help with, or will it mean a call to the tax office in the New Year.

I used to run two businesses - software development and driving instructor. As a software developer I had to purchase some equipment, like a laptop, desk etc. I'm no longer running the software development business and need to transfer the assets to the driving school as I need to use them there.

Anyone got any ideas how I'd go about recording this in the accounts. I suppose I could just simply sell from one business to the other, I was just wondering if there was another way of doing it.

Carl

23-12-06 12:52:49

AdBot
Google AdSense Posting Bot

Re: Transfer of Assets?




Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home2/matthutc/public_html/drivertrainingtoday.co.uk/include/parser.php on line 787

#2 28-12-06 13:28:10

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Transfer of Assets?

You will need to check with your tax inspector but it all depends upon the legal trading entity of your businesses. If you were self employed in both businesses you are still the same business just performing a different trade and nothing probably needs doing. If your software business was a limited company the limited company will have to dispose of its assets to you (with VAT if registered) and account for that.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

Offline

#3 28-12-06 15:59:07

Carl
Guest

Re: Transfer of Assets?

Thanks Colin

The software business wasn't a limited company but I did keep two sets of accounts and I had to complete two self-employment self-assessment forms. I think I'll pop down the tax office in the New Year and see what they say.

Carl

#4 28-12-06 16:26:45

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Transfer of Assets?

Why 2 sets of tax returns Carl. Was it a partnership? Just curious.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

Offline

#5 29-12-06 11:45:01

Carl
Guest

Re: Transfer of Assets?

No, just me. I read the information on "Income from two sources" and it said that I need to complete two self-employment sections, then combine the figures on the main form. I was trading under two names and had two sets of invoices etc.

I checked with an accountant too and she said that I'd done the right thing.

Carl

#6 30-12-06 15:42:30

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Transfer of Assets?

Ah ha that makes sense Carl


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

Offline

Board footer

Powered by FluxBB. Developed by Matt Hutchings