Closing my Ltd - bicycle disposal

[Rafd]

My accountant ceased trading some time ago and since then I've been using FreeAgent to DIY my accounts. I'm now looking to wrap up my company. The accounts are simple and I've previously submitted CT600 and EOY accounts myself so am considering doing this myself too.. the company is not holding much cash so I don't need to worry about efficient extraction etc

The main lose end to tie up is the purchase of a company bicycle last April on which I have a couple of queries: I understand I need to add a balancing charge for this as it was purchased within the final year of trading. Has anyone found a way to do this in FreeAgent? I also need to dispose of it referring to HMRC eim21667a. The bike is valued at 25% at 1 year and the document suggests using a 'sliding scale' to interpolate. The bike will be 10 months old on disposal. Depreciation is very non linear - a big chunk occurs on day one in reality - so how would you treat a bike under one year?

Thanks

[Scruff]

25% of the original cost. Don't overthink it.

There is a journal facility in FreeAgent do deal with the disposal. If you don't know how to do this, pay an accountant or else ask someone who does (Accountigweb?).

[Lance]

If you have no accountancy costs then you could consider de-registering for VAT, and making the company dormant.
When the bike has devalued entirely then close the company.

[eek]

25% of the original cost. Don't overthink it.

There is a journal facility in FreeAgent do deal with the disposal. If you don't know how to do this, pay an accountant or else ask someone who does (Accountigweb?).

Or just freeagent support?

[Rafd]

If you have no accountancy costs then you could consider de-registering for VAT, and making the company dormant.
When the bike has devalued entirely then close the company.

Yes I've considered this though legally I would not be able to use the bike during this period I imagine. It would however mean I have to keep paying my FreeAgent subscription. Are there any other pitfalls to this approach other than the hassle of dormant co accounts?

[Rafd]

25% of the original cost. Don't overthink it.

There is a journal facility in FreeAgent do deal with the disposal. If you don't know how to do this, pay an accountant or else ask someone who does (Accountigweb?).

I've found the disposal section in the journal but don't think this will add a balancing charge as FreeAgent has no way of knowing this is my final year of trading.

[Craig@Clarity]

Is the bike purchased and disposed of in the same financial year?

[Rafd]

Is the bike purchased and disposed of in the same financial year?

Yes

[SimonMac]

Yes I've considered this though legally I would not be able to use the bike during this period I imagine. It would however mean I have to keep paying my FreeAgent subscription. Are there any other pitfalls to this approach other than the hassle of dormant co accounts?

Move to Natwest or RBS and you get FreeAgent for free

[Craig@Clarity]

Yes

How much was it?