Selling Printing Press That I Didn't Buy?

Discussion in 'Accounts & Finance' started by The_Artist, Jul 13, 2019.

  1. The_Artist

    The_Artist UKBF Contributor Free Member

    57 3
    I want to sell my etching press, which should fetch the best part of £1000. Although I own it, I didn't purchase it myself. Would the IR expect me to account for the £1000 as income? Or it would it be tax free? I've never included it on any of my tax returns. I have produced the prints that I sell with it.
     
    Posted: Jul 13, 2019 By: The_Artist Member since: May 15, 2017
    #1
  2. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,162 917
    Get an accountant.
     
    Posted: Jul 13, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #2
  3. The_Artist

    The_Artist UKBF Contributor Free Member

    57 3
    Isn't this forum for asking questions about accountancy?
     
    Posted: Jul 15, 2019 at 3:17 PM By: The_Artist Member since: May 15, 2017
    #3
  4. DWS

    DWS UKBF Contributor Free Member

    88 10
    If you have not previously claimed tax relief on the asset then you will not need to account for the disposal
    But how did it come into your possession?
     
    Posted: Jul 15, 2019 at 3:53 PM By: DWS Member since: Oct 26, 2018
    #4
  5. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,162 917
    The forum will give broad ideas and opinions.

    all of your questions really need specific, dedicated advice, which really isn't the role of a forum.
     
    Posted: Jul 15, 2019 at 4:09 PM By: Mark T Jones Member since: Nov 4, 2015
    #5
  6. billybob99

    billybob99 UKBF Regular Free Member

    1,017 210
    Don't waste your time with IR.

    Just sell it and keep the cash.
     
    Posted: Jul 15, 2019 at 4:22 PM By: billybob99 Member since: Apr 23, 2013
    #6
  7. atmosbob

    atmosbob UKBF Ace Free Member

    3,787 848
    Depending on how you acquired the press depends on the answer.

    My wife acquired 2 presses at different times for next to nothing. When she had moved on to a new Harry Rochat press she gave the others away to fellow artists who were in a similar position to herself when she was starting. I doubt she would ever give away the Rochat press.

    http://www.harryrochat.com/portfolio/26-floor-standing-etching-press/
     
    Posted: Jul 15, 2019 at 4:57 PM By: atmosbob Member since: Oct 26, 2009
    #7
  8. The_Artist

    The_Artist UKBF Contributor Free Member

    57 3
    Oh ok, I thought you were trying to have a chilling effect on the forum...

    Cash is a pain though. I don't like to fritter away money and £1000 cash is a nuisance to invest back into the business (upgrading to a new printing press).

    I had a look: nice press. A bit pricey, but buying a second hand press can be like trying to win a race against a hundred other runners.... Does the IR expect a printing press to depreciate in the same way as a car or other machine?
     
    Posted: Jul 16, 2019 at 10:43 AM By: The_Artist Member since: May 15, 2017
    #8
  9. STDFR33

    STDFR33 UKBF Big Shot Free Member

    3,784 934
    HMRC don't give a flying squirrel on what depreciation rate you use given that depreciation has no tax effect.
     
    Posted: Jul 16, 2019 at 12:16 PM By: STDFR33 Member since: Aug 7, 2016
    #9