Bringing assets in to a ltd company

T

tradesman

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Hi
I started a LTD company 9 months ago and want to transfar private assets to company assets ie:tools,laptop and van.
The tools ,laptop and van where bought last year while I was a paye worker and cost €18,000 in total.
How much of this can i take from the company tax free?
Does the company have to buy them of me?
How much do i allow for depreciation?
 
Anyone out there knows the answer to tradesman as I too am waiting patiently for a reply to that one - it is something I hadn't thought about even though I brought alot of personal items into my newly formed company and wonder how they can be added as assets to company.
 
Just had a chat with my accountant.
He said i can bring tools,van, laptop,printer,office chair, stock ie(screws glues ect)and offset it against any wages i've paid myself (reduce tax bill on p35)
your surposed to take 12% off a year for depreciation but who's to say when you bought them as you don't need proof of purchase.
It's a one off opportunity me thinks..
 
tradesman said:
your surposed to take 12% off a year for depreciation but who's to say when you bought them as you don't need proof of purchase.
It's a one off opportunity me thinks..
Click to expand...

What happens if the Revenue turn around and ask you to confirm how you financed the valuable "tools,van, laptop,printer,office chair, stock ie" that you brought in to your business on startup, and whether they were purchased using undeclared income? Tread carefully...
 
Thanks for that tradesman another few pounds in our pocket as I was a PAYE worker when I bought my equipment I need have no worries of the revenue and how I acquired the money to buy them as they screwed me all the way. Good luch in your business
 
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