Closing a business - leftover equipment

Discussion in 'Accounts & Finance' started by 5andcounting, Oct 9, 2020.

  1. 5andcounting

    5andcounting UKBF Newcomer Free Member

    10 0
    Hi all,
    I'm moving country so will be closing my UK business - I'm registered as a sole trader, I am not VAT registered.

    I have a bunch of equipment purchased for the business that I'm just going to keep for personal use - would these count as assets liable for capital gains tax?
     
    Posted: Oct 9, 2020 By: 5andcounting Member since: Oct 28, 2019
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    16,477 3,486
    If they have a value you need to compare that with the Written Down Value for tax. You will either have a profit or loss that will adjust your taxable profit.
     
    Posted: Oct 9, 2020 By: Scalloway Member since: Jun 6, 2010
    #2
  3. 5andcounting

    5andcounting UKBF Newcomer Free Member

    10 0
    Thanks for the reply :)
    How do I determine the value of the item?
     
    Posted: Oct 9, 2020 By: 5andcounting Member since: Oct 28, 2019
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    16,477 3,486
    I would look on the internet for similar items on sites for dealers, auctions etc. Keep a record of where you got the value you from, such as a screenshot.

    If the article has reasonable value it might be worthwhile getting a dealer to actually look at it and give you a written valuation.
     
    Posted: Oct 9, 2020 By: Scalloway Member since: Jun 6, 2010
    #4