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Transfer of Asset from Sole Trader to Ltd Company

  • Member PM.Dip
  • Practice Licence
  • 99 posts
  • # 122771

Hi everyone - hope everyone is enjoying Easter. 

Looking for some assistance please if anyone can help. I have a client who used to be a sole tradetr but is now a Ltd company. He has a van that he wants to transfer to the Ltd company. It was bought on Finance and still has an outstanding balance. It was purchased in his own name - not a trading name. He is the sole driver of the van and does not use it for personal use.What would be the best way to do this ?? 

This is the first Ltd company I have done bookkeeping for (usually stick to sole traders) so I'm unsure about the ramifications of doing this. 

Before anyone answers, can I just say, I've asked this question on the accounting web forum and my goodness what a superscillious self appreciating lot they are, even implied that I had no AML supervision and was using the clients gateway cos I don't have my own agents gateway. What that had to do with the question - I don't know. So please, be kind and if you don't know the answer - don't comment.

best regards


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