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Dulcie

Corp tax- newly incorporated company from a sole trade / partne

SOLVED
Posted By

Morning

I am preparing a tax return for a incorporated sole trade currently completing the fixed assets section for the transfer of assets. my client has opted for assets to be transferred at TWDV.

I do have asset that have a tax wdv due to purchasing them shortly before the incorporation. If I  enter these on  the register they double account on the "main assets pool",  If i them enter a TWDV bfwd,. Or do i just ignore this box? (as i guess they are not bfwd?)

just wondered if any has come across this and how they have dealt with it in the software.

many thanks

Duclie

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  • 0
    verified answer

    Hi Dulcie,

    Thanks for using Sage City and apologies for the delay in my reply.

    I think you are correct that the 'double account' in the main rate asset pool is a consequence of entering the tax WDV of the asset in the fixed asset register (with an asset date start during the accounting period) and also WDV b/f. The software would not expect both.

    I'm sure you appreciate we're unable to offer tax advice regarding the transfer of assets on incorporation, but I have no reason to believe that the suggested solution in your second paragraph is correct.

    Regards

    Andy
    Sage UKI

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  • 0
    verified answer

    Hi Dulcie,

    Thanks for using Sage City and apologies for the delay in my reply.

    I think you are correct that the 'double account' in the main rate asset pool is a consequence of entering the tax WDV of the asset in the fixed asset register (with an asset date start during the accounting period) and also WDV b/f. The software would not expect both.

    I'm sure you appreciate we're unable to offer tax advice regarding the transfer of assets on incorporation, but I have no reason to believe that the suggested solution in your second paragraph is correct.

    Regards

    Andy
    Sage UKI

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