Record freeport FYA assets ofr plant and machinery

You can record the First Year Allowances on Plant and Machinery expenditure within a Freeport tax site in for plant and machinery in the Trade Profits section, on the Capital allowances tab.

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

  2. On the Plant & machinery - Main pool column, select Edit.

  3. Select the Freeport FYA assets tab. Any existing assets are shown.

  4. Select New asset, complete as follows, then select Save changes.

    • Description – enter a description for the asset.

    • Location of Freeport – select the Freeport location from the list.

    • Address of business operations – ensure at least the first two lines of the address are completed.

    • Enterprise Zone claim already made? – select if an Enterprise Zone claim has already been made in respect of this expenditure.

    • Date purchased – enter the date of purchase. This cannot be before 1/11/2021.

    • Cost – cost of the expenditure.

    • 100% FYA claimed – the allowances based upon the cost is automatically calculated.

    • Date sold – enter the date sold.

    • Disposal value – enter the amount of the disposal value or proceeds. This value will be transferred to the disposal proceeds on the Calculation tab.