Plant and machinery - freeport FYA assets

This section allows input and calculation of First Year Allowances on Plant and Machinery expenditure within a Freeport tax site.

The tab shows a grid where a list of the assets created is displayed showing:

• Description – a description for the asset.

• Location – the location of the Freeport where the expenditure on Plant and machinery was incurred.

• Date purchased – date the expenditure was incurred.

• Date sold – the date the plant and machinery was sold.

New asset creation

1. Select New asset to create a new asset for a given Freeport location.

Some of the data entry fields in this screen have a red asterisk alongside them which indicates that this information is required, and the data cannot be saved until they are completed.

2. Enter a description for the asset.

3. Select the Freeport location from the drop-down selection list.

4. Add a business operations address ensuring that at least the first two lines of the address are completed.

5. Select the Enterprise Zone claim already made? option if an Enterprise Zone claim has already been made in respect of this expenditure.

6. Enter the date of purchase. This cannot be before 1/11/2021.

7. Enter the cost of expenditure

• 100% FYA claimed – Taxfiler by IRIS will automatically calculate the allowances based upon the cost.

8. Enter the date sold.

9. Enter the amount of the disposal value or proceeds. This value will be transferred to the Disposal proceeds on the Calculation tab.