Banjo

Hi HMRC Admin 34 Many thanks for the information and link, I will take a look. Just one other quick question, do I have to show any proof of how I have determined the value of the opening stock? Obviously, there will be no receipts or invoices to back this up. Thanks once again!

You're right @taruffi, your situation sounds very similar, in that you wish to introduce your 'own goods' into a new business. I'm glad that I'm not the only one with this query!

Hi Many thanks for your response. I have read through all of the pages relating to the link provided, as well as the associated links, and unfortunately I still cannot really find the answers to my questions. The guidelines seem very much biased towards B2B movement of stock and disposal of stock. I cannot find any specific mention of how to account for using one's own goods to start a business.

I've looked extensively through the BIM and searched online forums, but still cannot seem to find a definitive answer to my question: If stock is introduced into a new business that has been either: inherited, or comes from items which have previously been owned for many years, is this stock recorded in the accounts? If so, how? Is it valued at zero (because it hasn't cost anything), or at today's market value? And who decides the market value? It seems as though opinions on this topic vary. Looking at BIM33630 - Stock: non-trading transactions in stock: ‘own goods’, the guidance seems to focus more on disposal of stock, or taking goods for your own use. But perhaps I've missed something? If stock is introduced into the business, and it has to be recorded as an expense at today's market value, how would HMRC expect this to be recorded, given that there would be no actual financial transaction to back this up? I just want to ensure that all paperwork meets HMRC's expectations! The business will a non-limited, non-VAT registered partnership, using cash basis. We will, of course, be registering the partnership, submitting our own self-assessments and sending a partnership tax return. Many thanks for any help.