Giving personal assets to my business

You may bring an asset into your accounts regardless of the original reason for it being purchased (i.e. personal), provided it will be used for the trade.

There are a few unusual circumstances, but normally the asset should be valued in your accounts at market value; rather than cost.

You may continue to use it occasionally for personal purposes, but the tax relief on the computer will be restricted accordingly between business and private use.

Starting a business can be a stressful time, but your local TaxAssist Accountant may be able to help put your mind at ease and assist with your administrative obligations. Please feel free to contact them if this interests you or you have any other queries. 

Date published 5 Dec 2012

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.