Capital Assets

• How do I set up a capital asset and calculate indexation?

Go to Edit | Capital Assets

From the Capital Assets screen select Assets | Add. Enter in a description, date acquired and an amount paid and click on OK.

The asset should then be highlighted, click Dispose.

Enter a disposal date and disposal value and click Add. Once you have clicked Add the disposal date and disposal value field will then be blank and the details will be shown above that. The indexation will be calculated automatically.

• I am not getting any indexation

Go to Setup | Retail Prices Index and ensure that the index is up to date.

An updated RPI list is available here. We aim to update this towards the end of each month.

• How do I claim roll over relief?

After you have disposed of the asset go back into the main Capital Assets screen. Highlight the asset, click on the Dispose option again to display your disposed asset and highlight the asset, select the ‘claim relief?’ option and select roll over relief from the relief type section.

• How do I enter a capital loss brought forward?

Go to Edit | Capital Assets | Edit | Losses and Other Information and enter the losses brought forward from previous periods.

• The Capital Assets not forming part of the CT Computation.

If a Capital loss b/f figure was entered into the Chargeable Gains Totals Screen before the Capital Assets became available in Business Tax, you will need to deselect the record totals only option and then enter the capital loss b/f figure in the Edit | Capital Assets | Edit | Losses and other information entry screen.

• How do I access the help for Capital Gains Tax?

Whenever you add an asset, enter details or amend entries within a particular area, there should be a help file available within there.

Select Edit | Capital Assets and press F1 to display the Help.

• How can I show the disposal of capital assets as a gift rather than an actual disposal in order for the system to calculate holdover relief?

Enter gifts as other capital gains rather than a disposal of the asset. You can then enter the relief applicable to the type of disposal.

• Why am I getting a message 'To use Capital Assets for this client please remove the tick against record totals only'?

Go to Edit | Legacy Data Entry | Chargeable Gains Totals and remove the tick from record totals only.