Hi all,
I am a sole trader dealing in second hand music memorabilia.
I would like to introduce some of my own private collection as stock.
What value should I bring them in at:
1) Their original cost - this could have been 20 years ago and so could generate a large profit when sold by thew business = tax liability
2) Current market value - so likely to result in little or no profit when sold
3) Or...?
Many thanks for any advice :-)
I am a sole trader dealing in second hand music memorabilia.
I would like to introduce some of my own private collection as stock.
What value should I bring them in at:
1) Their original cost - this could have been 20 years ago and so could generate a large profit when sold by thew business = tax liability
2) Current market value - so likely to result in little or no profit when sold
3) Or...?
Many thanks for any advice :-)
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