Sole Trade to Ltd assets

Hi There,

Can someone please tell me at what value do I clear out my assets when going from ST to LTD? Is it WDV, TWDV or Nil.

I have found posts where it says to write to HMRC to waive any balancing charge but these date back to 2012 so I was thinking this may not be the case now.

Any help would be greatly appreciated.

 

Any of the above - take your pick.

Are you asking what is the best value to use to maximise tax reliefs?- thats a completely different question altogether?

 

Basic rule is transfer at market value, which may trigger a balancing charge or balancing allowance in the final s/t tax comps.

You have the option to make an election to transfer at tax WDV instead to avoid a B/C or B/A.