Creating assets

So i shall be starting my new company for the new tax year as a sole trader i need to transfer my car and laptop in to assets, i have had a quick look and it seems i have to create a purchase, is this the right way of doing this or can i just input them at a value

As a sole trader I understand you can just journal them in at market value (debit the asset code and credit “capital introduced”). But check with an accountant to be certain. In particular for the car, it may be better at least initially for you not to treat the car as a business asset but instead just keep it as your private car and claim mileage allowances. It depends on a number of factors including the proportion of business to private miles, value of the vehicle and cost of maintenance etc.

If it were a limited company then I’d do it as a proper purchase as the asset is actually being transferred between two different legal entities but for a sole trader nothing is actually changing hands, it’s just an accounting mechanism.