Assets with private use

The private use assets are listed in a grid. To view or edit an asset, select the asset name.

1. To add a new asset, select New asset.

To delete an asset, select the asset name to view the asset, then select Delete.

2. Enter a description of the asset.

3. Select the Qualifies for AIA? option if the asset qualifies for Annual Investment Allowance.

4. Select the Qualifies for 100% FYA? option if the asset qualifies for 100% First Year Allowances.

5. Select the Zero-emissions goods vehicle? option if the assets qualifies as a zero-emissions good vehicle.

6. Select the Special rate asset option if the asset is applicable for writing down allowance at the special pool rate (currently 8%).

7. Enter the date that the asset was purchased.

8. Enter the cost of the asset, or the market value if the asset was not acquired at arm’s length.

9. Enter the date the asset was sold.

10. Enter the sale proceeds. Unless the transaction was at arm’s length, limit the proceeds to the original acquisition cost.

Calculation

1. Enter the written down value b/fwd of the asset at the start of the period. If the tax return was rolled forward from an earlier period then the written down value will have been pre-populated.

• Additions eligible for FYA - this field shows the expenditure that is applicable for claiming 100% First Year Allowances. This field will only be shown if the asset has been acquired in the period and is applicable for FYA.

2. Input the amount of First Year Allowance (FYA) that you do not wish to claim. This field will only be shown if the asset has been acquired in the period and is applicable for FYA.

• Additions eligible for AIA - this field shows the expenditure that is eligible for Annual Investment Allowance. This field will only be shown if the asset has been acquired in the period and is eligible for AIA, and is NOT eligible for a First Year Allowance.

3. Enter the amount of Annual Investment Allowance (AIA) that you wish to claim. This field will only be shown if the asset has been acquired in the period and is eligible for AIA, and is NOT eligible for a First Year Allowance.

• Additions not eligible for FYA or AIA - this field will show the expenditure that is not eligible for First Year Allowance or Annual Investment Allowance. If the asset is eligible for FYA or AIA then this field will not be displayed.

• Less: disposal proceeds - this field will show the disposals in the period. If no disposal date has been entered then this field will not be displayed.

• Balancing allowance/(charge) - this field will display any calculated balancing allowance or balancing charge, based on the values entered. If there is no disposal then this field will not be shown.

• Residue - this field will show the residue remaining after new additions, disposals and balancing allowances/(charges) have been taken into account. If no residue remains then this field will not be shown.

• WDA @18% - this field will show the Writing Down Allowance that has been calculated for this asset. This field will not be shown if the asset has been disposed of.

• WDA not claimed - if you wish to not claim any of the writing down allowances then enter the amount in this field. This field will only be shown if there are writing down allowances.

• Written down value c/fwd - this field will show the written down value that will be carried forward to the next period, if any.

Private use

1. Enter the percentage of private use for the asset in order to calculate the private use element. If you wish to input the value of the private use portion directly then leave this field blank and input the Private use amount field.

• Private use amount - if a value has been entered for the percentage of private use then this field will show the calculated private use portion. If no private use percentage has been entered then you may enter a figure for private use in this field.