Fixed assets Withdrawal from operating assets
July 8, 2016 | 25,00 EUR | answered by Oliver Burchardt
Good evening,
I have had a small craft business for 10 years (small business) and during this time I have acquired some low-value assets and some larger fixed assets. Some of them have since become defective and have been disposed of. Would I have had to keep lists for the low-value assets in which the time of loss was also noted? In the directory of fixed assets (over 410 euros), I have noted the removal from the business assets and explained the removal in the income statement. Are there any documents or at least notes available for the defective fixed assets (such as computers and printers, welding equipment)? I am asking because I will be deregistering the business next year and there may be a tax audit.
I manually record all business transactions in a journal. Is this still allowed?
Can I destroy the purchase invoices from 2006 by December 31, 2016?
Thank you in advance.
Dear questioner,
Thank you for your inquiry, which I am happy to answer as part of an initial consultation.
Regarding your questions:
1. Low-value assets (GWG) are either depreciated directly in the year of acquisition or included in a general pool and depreciated over 5 years. When the low-value assets actually leave the business assets is irrelevant.
2. Documentation of disposals is always recommended. However, by booking the disposal, you have documented that these assets are no longer present or have been scrapped. If you conduct and document an asset inventory at the closure of the business, I see no problem.
3. Handwritten bookkeeping is of course permissible if you fulfill all tax obligations with it.
4. Commercial and tax-related archiving obligations end after 10 years. Therefore, the destruction of documents from the year 2016 is permissible on January 1, 2017.
Best regards,
Oliver Burchardt
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