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Accounting for cost of building a website before registering an ltd company to run it

  • 30-09-2014 12:46am
    #1
    eest
    Registered Users, Registered Users 2 Posts: 24 ✭


    Hi All

    we are about to start limited company that will run, promote and make profit from the website that we built recently. I can quantify the build cost relatively easy as all changes and approximate time spent was recorded but I am not sure about the right way of transferring this website to a new company. Can we sell it to the company for its cost, make it an asset and record the cost on director's loan or can we file website building cost as expenses accrued in respect of later company formation? Company and website have the same name.

    thanks


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,579 ✭✭✭✭Victor


    It might be possible to treat it as a start up cost incurred before incorporation.

    It will of course depend on what types of costs are involved. If it was just your own time, I'm not sure if it would make sense to sell the site tot he company, as there would be a tax cost.


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