Plant and machinery - Main pool - Full expensing FYA Assets
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Freeport FYA assets (Corporation Tax only)
This section allows for the input of expenditure incurred on which a claim to first year allowances under the Full expensing regulations which apply from 01/04/2023 for expenditure incurred between 01/04/2023 to 31/03/2026 inclusive. It also allows for the input of disposals of assets on which full expensing first year allowances was previously claimed.
Taxfiler will automatically roll forward the information in the grid until the asset is disposed of.
Plant & machinery – main pool – Full expensing – additions and disposals
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Description – enter a brief description of the expenditure.
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Date of expenditure – enter the date of the expenditure, which must be within the accounting period and be within 1/4/2023 and 31/3/2026. If the date does not match either of this criterion, then the additions value will not appear in the Calculation tab and no allowances or charges will be brought into account.
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Amount – enter the amount of the expenditure. Do not enter pence.
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Date sold – enter the date of the disposal. This date should be within the accounting period.
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Proceeds – enter the disposal proceeds, or the market value if applicable. If the date of disposal is not within the accounting period, then the disposal will not be taken into account in the Calculation tab. Be sure to limit the sale proceeds to the original acquisition cost unless the disposal is not at arm’s length.
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Balancing charge – on the disposal of an asset on which full expensing first year allowances were previously claimed results in a balancing charge.
To delete a line from the grid, select the Trash can at the end of the line.