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Hello Sir Kim Smith,
I came to this form to find you.
My question has been left unanswered for almost 5 days in FA2 form.
I have a slight confusion.
Can the owner withdraw NCA from the business?
I think NCA are used for the running of business,:therefore, they may not be withdrawn by the owner.
You can delete this post and answer me in the relevant FA2 form.
Thanks,
Hello – I will answer you here as this is a forum I look after – I should not reply on another tutor’s forum. (I am sure it is just oversight on Ken’s part as we each keep an eye on so many forums!)
If you are talking about a sole trader – there’s no reason why not – there is no distinction in LAW between the property of the “business” and that of the individual. A sole trader can put what they like into a business – cash/inventory/non-current assets – they can take out of it what they want. If an asset is essential to a business the owner isn’t going to withdraw it unless it’s being replaced or the owner is ceasing that business.
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