Transfer Assts : New Limited Company

[brigzy]

Do you have an accountant? Thought not... I suggest you get one.

However, yes is the answer, although unless you have a couple of Eames chairs, or the odd Sun server farm, I rather doubt it's worth anything like £5k second hand.

I have worked from home for some time so accumulated an ok setup.. with allot of software and hardware.

In my case there is also software rights, to software I have in developement and about to be roll out to another client. I could sell the software rights to the company I expect?

[malvolio]

Do you have an accountant? Thought not... I suggest you get one.

However, yes is the answer, although unless you have a couple of Eames chairs, or the odd Sun server farm, I rather doubt it's worth anything like £5k second hand.

[lje]

I guess I can then claim the cost against corporation tax?

Say I sell all computers, software, printers, furniture etc to the company for £5000.

Would I then place this as an expense in my limited company accounts, against company profits in the first year?

Yes - it's an expense and the items become assets of the company. £5000 seems a little steep though! How much furniture do you have?

[brigzy]

Thanks

Ok thankyou very much for your replies.

I guess I can then claim the cost against corporation tax?

Say I sell all computers, software, printers, furniture etc to the company for £5000.

Would I then place this as an expense in my limited company accounts, against company profits in the first year?

[malvolio]

You might want to back-date the cheque though...

[Moscow Mule]

Yes.

It's market value though, not what you paid for it.

[brigzy]

Hello
I am set up a new limited company 26th Jan 2006.

I have computers, some office furniture, printers etc that I own, can I sell them to the limited company?

Do I simply value and ceate an itemised reciept, then write myself a cheque?

Richard