Complete the Loss or (profit) on sale of fixed assets grid

This grid allows entry of losses and profits on the sale of fixed assets in the accounts that are either:

• a disallowable deduction

• deductable from trading profits

• allowable as trading intangible fixed assets

• are disallowed and treated as non-trading intangible fixed assets

1. Add the Trading profits section to the return (or select it if already added), then select the Adjustments to trade profit tab.

2. Select Edit to open the grid and complete as follows:

   • Description – enter the description of the transaction.

   • Loss/(profit) per accounts – enter the loss or profit as it appears in the accounts. If the asset was sold for a profit, enter the profit as a negative amount.

   • Allowable as trading intangible fixed asset – enter the amount of the loss or profit that is to be treated for tax purposes under the trading intangible fixed asset regime (not adjustment to accounting profit) – enter a profit as a negative amount.

   • Non-trading intangible fixed asset – enter the amount to be treated for tax purposes under the non-trading intangible fixed asset regime. Enter a profit as a negative amount.

   • Disallowable / (deductable) – this column will show the amount disallowable (as a positive figure to be added back to the tax profit) or the amount to be deducted from taxable profits (shown as a negative figure).

3. A new line is automatically added. Unwanted lines can be deleted using the bin icon. Select Save changes.