Sole trader Van plus tooling paid for personally, how do I account for this?

Accounting
1

Hi all,

Im doing my first year end and realised that I havent accounted for my van and a whole bunch of tooling/set up costs that I paid for out of my own personal pocket whilst setting up in business.

How do I show this on my accounts retrospectively?

Many thanks

Si

2

What sort of costs are these tools? Are the costs from before you set up the business?

3

Hi Lurch and thanks for your reply.

£3000 is an estimate of my existing tools that I want to ‘bring in’ to the business.
£5000 for a van prior to me being self employed using money borrowed from family.
£3000 for new tools/clothing/advertising etc. Borrowed from family at start up.

Thanks

Si

4

Do you use the van only for business purposes or do you make any private (non-business) use of it too?

Have you already spoken to an accountant about how best to account for these items and just need to know how to represent it in QuickFile, or are you asking us for accountancy advice? There are many complexities around the handling of vehicles for tax purposes so it’s worth getting professional advice.

5

Thanks for your reply Ian.

The van is used perhaps 2% for personal use and I’m only looking to account for it in quickfile.

Si

6

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