I’m looking for a bit of information about what happens to my business assets if I want to close my limited company by a MVL (as I’ve stopped contracting). I have also asked my accountant but they have been useless with response times of late, so I thought people here might have some advice.
In a nutshell: if my company has purchased assets which I personally might like to keep after it is closed (e.g. computer, bike), I understand that I personally would need to purchase these from my company? How is a fair price decided if so, I assume the age of the item affects this? Obviously I’d like to pay as little as possible, but I’m not looking to do anything I couldn’t reasonably defend if someone looked into it!
Does the fact that VAT was claimed back on some assets affect this - that is, do I also need to pay back the VAT?
If there are assets that I don’t want to keep, do I have to sell them? Or can I give them away? Selling some items is probably more hassle than it’s worth! Is there an age threshold beyond which items have no value or some other option to “write them off”?
Any input or links appreciated!
Thanks
In a nutshell: if my company has purchased assets which I personally might like to keep after it is closed (e.g. computer, bike), I understand that I personally would need to purchase these from my company? How is a fair price decided if so, I assume the age of the item affects this? Obviously I’d like to pay as little as possible, but I’m not looking to do anything I couldn’t reasonably defend if someone looked into it!
Does the fact that VAT was claimed back on some assets affect this - that is, do I also need to pay back the VAT?
If there are assets that I don’t want to keep, do I have to sell them? Or can I give them away? Selling some items is probably more hassle than it’s worth! Is there an age threshold beyond which items have no value or some other option to “write them off”?
Any input or links appreciated!
Thanks
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