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Asset diverted to personal use

  • 21-11-2017 10:15pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Looking for opinion on bit of accounting presentation and tax treatments.

    If company director appropriates plant to personal use I know proceeds deemed to be MV for balancing charge etc.
    On the accounts do you include these deemed proceeds (credit disposal and debit director) and debit disposal with the NBV?
    To account for VAT clawback what would the corresponding Debit be to the VAT credit - Director also?
    BIK on MV for Director if Case 1 trade.

    If a sole tradership would you just show the NBV as a loss on disposal account without any proceeds deemed from drawings and full addback? As appropriating to oneself no tax implication other than VAT clawback and no clawback of w & t allowances if used for the purposes of trade whilst in use?


Comments

  • #2
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Think I have figured out the sole trader issue - S 289 TCA 1997 applies?  MV imposed for balancing calculation


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