Transfering personal assets to my Ltd co.

[Clive the 1]

Hi all. About a year ago I planned to do public address at fetes and things and built a trailer
to operate from. It has the amplifiers, mixers and other outboard equipment built into it.
Total cost about £4000. Due to my work circumstances I have found the need to set up a Ltd company encompassing the P.A. work and my daily contracting.

I want to transfer the "ownership" of the trailer to the ltd company.
How is this done, and are there any benefits?

I have no loans or outstanding debt.





Many Thanks, Clive.

[ASB]

You sll it. Company buys it. The sale is the sameassale ofany other asset.

[SueEllen]

Good idea to discuss this with your accountant as well.

[mudskipper]

Can I reclaim pre-company formation expenses? - this might be relevant, but your accountant should be able to advise.

[Clive the 1]

Sounds good! I will be contacting an accountant next week.

Thanks all.

[Sysman]

Can I reclaim pre-company formation expenses? - this might be relevant, but your accountant should be able to advise.

And don't forget the VAT which may be allowable. It adds up.

[BlasterBates]

You don't really want to mix your contracting and PA businesses. If the PA business makes a loss HMRC might not let you offset the losses against the contracting profits, because it does look a bit like a hobby. A bit like buying expensive cameras or musical instruments and saying you're a professional photographer or musician, when you have far too few engagements to cover the costs.

You need to discuss with an accountant. You might be better off with a separate set of accounts for each business.

If you make a profit with your PA business there should be no problem, but you might run into problems if you don't. For you to be able to offset the losses of your PA business against contracting there has to be a realistic expectation of a profit.