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

Question

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

Andy Rickeard · Accepted 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

Dulcie · Answer

Thank you for replying.

Practice Products

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

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING