Personal Use Sales taxed/legal?

Suppose that i have a business selling clothes and on my income statement under sales i have 100,000. In that figure i have included 2,000 (valued at current retail price) of clothes which i took for my personal use. How is that interpreted in terms of legal and tax?

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One Response to “Personal Use Sales taxed/legal?”

  1. Petrusclavus says:

    Income to you of 2000 – declared on your tax return as Benefit in Kind and also on the P11d.
    You "have" the busines so you are a director – Self Assessment – employment page – benefits in kind.

    Not a sale from the business point of view – that is a transfer of asset. A loss on the P11d and P35

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