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Post Info TOPIC: Help with when client registered as a limited company.
kc


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Help with when client registered as a limited company.
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Hi
I have just picked up a book-keeping job.  The company started trading as a limited company from 4th July 2008.  However the bank account was opened March 08 when it was a sole trader up until 4th July.  I have all the records to enter onto SAGE.  Do I treat the sole trader expenses as pre-trading expenses?  I don't think there is much but some payments for stock and I think a small bit of income for items sold online.  Just not sure what to do!

thanks for any advice

Karen

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Julie


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Hi Karen,

Good for you picking up some work.

I would deal with the sole trader element and limited company separately, that is, sort the sole trader up to 3rd July08, close that down then start afresh as per 4th july08 limited company status. As you suggest the sole trader will have created pre limited status expenses which would equate to some of your opening balances.

Julie

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kc


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thanks :)

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