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To access this screen select Edit, Capital allowances and click A - Maintain Assets.
Click here to see a full list of Capital Allowance rates.
FAQ : I do not want to claim any capital allowances for this year/period, what do I do?
When you first enter this screen either:
Business Tax indicates that there are no assets registered and asks if you want to insert an asset; or
a list of assets entered in Fixed Asset Register (FAR) is displayed. Click on the asset and then select Change asset to inspect the details entered.
When you subsequently enter the screen a list of entered assets is displayed.
Use the buttons at the foot of the screen to insert, delete or change assets.
How to enter the asset's basic details
How to determine the allowance claimed on the asset
The group number entered here should be the same group number used in Accounts Production. Use the magnifying glass next to the field to select the correct group. Once a group has been selected when you start a new asset it can not be changed.
The asset number is allocated by the system and can not be changed.
This description will be used on the reports.
Enter the purchase price net of VAT. If the purchase price is not known this field may be left blank.
This defaults to the purchase price. However this may be over written if the value is different. Remember the amount entered here is linked to the WDA start date.
If this is the first time Business Tax has been used on a client you may enter the Initial WDV as at the end of the last period and complete the WDA start date with the first day of this accounting period. This will prevent any small differences arising due to rounding.
If you do not know the date of purchase this field can be left blank.
The date input cannot be after today’s date and cannot be before the date of commencement.
The field is also used to decide whether:
a 40%, 50% or 100% first year allowance should be claimed; and
the expensive car limit of £12,000 or £8,000 applies. If a date is not entered the £12,000 limit is applied.
An asset will only show as an addition if the date of purchase has been completed with a date in the accounting period.
This field must be completed. Remember this field is linked to the Initial WDV field.
If a purchase date is entered, Business Tax attempts to complete the WDA start date for you. The WDA start date selected is the first day of the period in which the asset was purchased. If this period is not actually registered the start date is based on existing Business Tax periods. You may amend this date.
If there is no purchase date, Business Tax does not allow you to save the details until a WDA start date has been manually entered.
If a manually entered date appears to be ‘unusual’, Business Tax requests confirmation that it is correct.
Business Tax calculates any balancing charges or allowances based on the date entered here.
To enter supplementary additions select Edit followed by Capital Allowances and then Maintain individual assets.
Select the asset for which you want to enter a supplementary addition and enter the appropriate amount in the Additions field.
If a change has been made to the supplementary additions field use ALT+F1 whilst in the WDA/FYA field to recalculate the allowance as this is not done automatically.
This field can only be completed once the disposal date has been entered. Business Tax calculates the amount of any balancing charge or allowance based on the amount entered here.
If the proceeds are higher than the cost of the asset, the amount used to calculate the balancing charge is restricted to the cost of the asset for assets shown individually on the computation. For pooled assets, if the cost field is not completed Business Tax assumes the disposal proceeds do not exceed the original cost price, however if this is not the case you will need to restrict the proceeds in option E - Maintain asset pools..
If no proceeds are entered it is assumed that the asset was scrapped.
This section is only relevant for motor cars purchased on or after the 01/04/2009 that can claim capital allowances based on the CO2 emissions. Motor cars falling into CO2 emissions rules should be included in the general or special rate pool.
Use this option to select or enter details of the make and model of the car that capital allowances are being claimed on. It is possible to find the car using the car database which will automatically complete the fuel type and relevant CO2 emissions when the car is selected.
Use this option to enter the fuel type for information purposes. This can be automatically completed when a car is selected from the car database.
Use this option to enter the CO2 emissions for the selected motor car. This can be automatically completed when a car is selected from the car database.
Entering the CO2 emissions will determine the relevant allowances that can claimed on the car. The following allowances will be claimed by IRIS Business Tax based on the CO2 emissions;
|
CO2 Emissions |
Allowance |
|
0 - 110 |
100% First Year Allowance |
|
111 - 159 |
20% Writing Down Allowance |
|
160+ |
10% Special Rate Allowance |
Where an asset has been registered but is not eligible for capital allowances this field should be ticked. In all other cases it should be left unticked.
This field determines whether the asset is included in a pool or shown separately on the capital allowance computation. If an asset is to be included in a pool this field should be ticked. If the asset is not to be pooled the field should be left blank.
Ticking this box will include the asset in the special rate pool. This field is only available for accounting periods ending on or after 1 April 2008.
Where an asset is not eligible for the Annual Investment Allowance tick this field so that:
pooled assets areincluded in the Non AIA additions in the E - Maintain Asset Pools screen;
AIA field is disabled for non-pooled assets in the C - Maintain screen
This field is only available for periods ending on or after 1 April 2008.
Tick this box if the asset is a zero emission goods. This applies for expenditure purchased on or after the 01/04/2010. By ticking this option the program will calculate 100% FYA on the expenditure. The total value for zero emission goods vehicles claiming 100% FYA will be shown and tagged on the iXBRL corporation tax computation.
This field is left blank unless a motor vehicle category has been selected. Tick this option to prevent the program following the motor car rules for vehicles purchased on and after the 01/04/2009. This will result in relevant allowances not normally available for motor cars (e.g. AIA) being available for the expenditure.
This field is left blank unless a motor vehicle category has been selected (when it is ticked). If the field is ticked the expensive car restrictions are brought into effect i.e. the writing down allowance will be restricted to £3000.
If the motor car restrictions do not apply to the vehicle, for example if the 100% FYA for low emission vehicles applies, untick this box.
Business Tax will look at the date an asset was purchased to determine whether first year allowances are available and at what rate. Where an asset or the company is not eligible for FYAs tick this field to prevent Business Tax taking FYAs on that asset.
This field is disabled for periods commencing on or after 1 April 2008.
Tick this box if the asset qualifies for a 100% first year allowances energy saving or environmentally beneficial..
For all business sizes this field is enabled from 1st April 2001 for the 'energy saving' 100% first year allowance.
If the asset selected is in a computer equipment category (137,142 or 526) this field is automatically ticked if the date of purchase is between 1st April 2000 and 31st March 2004.
Tick this box if the asset qualifies for the 100% first year allowance rate on low emission assets purchased between 17th April 2002 and 31st March 2009.
If the accounting period ends before 17th April 2001 this box will be disabled.