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Jo Nockels ACCA MAAT - TaxAssist AccountantsJo Nockels is the Training and Communications Manager for TaxAssist Accountants who has been a practicing accountant and is a member of ACCA and AAT.

Jo is part of the team of experts that supports 200 TaxAssist Accountants offices across the UK. TaxAssist Accountants was set up 16 years ago to help small business owners and self employed individuals with their accounts and tax returns. We currently service over 39,000 small businesses and are the largest network of accountants in the UK.

Jo currently contributes to Startups.co.uk, Unbiased.co.uk, Inspiresme and The Huffington Post.

Send us your question: If you would like to have a tax question answered here, please send your question to taxquestions@taxassist.co.uk. We can't guarantee to respond to every question individually, but we will publish as many answers as we can here on the blog.

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Advice shared in this blog is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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« Gift of Goods to Charity Shops | Main | Statutory Maternity Pay & Two Employments »
Thursday
Aug052010

Goods Taken for Own Use

DateThursday, August 5, 2010 at 3:26PM

Q: We run a lighting shop and have taken delivery of some lamps that my spouse really likes. A friend of mine in the trade said it would be alright to just pay into the business the cost price of the lamps, is it alright to do this?

Steve, Torquay.

A: Regrettably you friend is wrong.

On any goods or items from stock that you remove for your own use you will have to account to the business for the full selling price and assuming that you are VAT registered, the VAT applicable to the sale.

We provide tax accountancy services in Torquay and throughout the UK.  http://www.taxassist.co.uk

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