Hi, I recently changed my business from a sole trader to a company. I have a lot of business equipment purchased as a sole trader. Can I / and should I sell this to the business? Or, can I / should I rent this to the business? My preference is to sell items to the business over time, so that the business owns the items given they are used for business purposes.
Doug
Hi @Craigdouglas014,
Yes of course you can sell them to the business. You'll need to provide the business with receipts so they can claim the purchase as a business expense.
You can also rent them to the business if that's what you wish to do. However, this will need to be included on your individual tax return as income.
Hi @Craigdouglas014,
Yes of course you can sell them to the business. You'll need to provide the business with receipts so they can claim the purchase as a business expense.
You can also rent them to the business if that's what you wish to do. However, this will need to be included on your individual tax return as income.
Thank you, and sorry it took so long for me to read your reply.
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