Balance sheet fixed assets

This discussion addresses the challenge of including a vehicle purchased in 2015 on the balance sheet of a business established in 2020, which is filing its first tax return. Key considerations include determining if the vehicle is for business use, how to calculate depreciation from the purchase date, and whether the invoice needs to be in the business's name. The advice suggests valuing the vehicle at its fair market price in 2020 as capital introduced and then calculating depreciation from that point onwards.