Adding personal items to business inventory

[tiredndizzy]

I am planning to open a new business selling Antqies & Collectables and I need some advice as how to add items to my starting stock that I have collected over the years?

I know there are several ways to do this, however which would be best for my situation?

Here are the problems I am struggling with:

I have the original purchase receipts for some items but not all. For some of the items without receipts I can remember approximately what I paid, for others I will have to estimate.

Is this information needed? Could I just add them as a purchase (from myself) at a nominal amount where I estimate there cost value (not the price I intend to resell them at)? If not, what is the correct way to do it?

How do I then show the investment within my accounts as an investment of new capital?

Also, do I delcare my business starts when I make my first purchase or make my first sale?

Thanks

 

[Homer J Simpson]

You should be able to benefit from this as you will be able to sell YOUR items to the business and take advantage of your capital gains allowance. Then your business would have a valid purchase/receipt from you and would be able to re-sell at a profit/loss and just account as normal.

I'm not an accountant or financial advisor, just my thoughts. You should get proper/professional advice.

 

[Scalloway]

You must enter them into your company as stock at an estimated value. The opposite entry is capital introduced.