You can expenditure incurred on which a claim to the Special Rate allowance is being made. It also allows for the input of disposals of assets on which a Special rate allowance was previously claimed. This is recorded in the Trade Profits section, on the Capital allowances tab.
The information is automatically rolled forward until the item is disposed of.
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Add the Trading profits section to the return (or select it if already added), then select the Capital allowances tab.
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On the Plant & machinery - Main pool column, select Edit.
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Select the Super deduction assets tab. Any existing assets are shown.
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Complete the following for each asset, then select Save changes. A new line is automatically added. Unwanted lines can be deleted using the bin icon.
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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 1/4/2021 and 31/3/2023. If the date does not match either of these 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 date the asset was sold which must be within the accounting period. If the date does not match this criterion, then the disposal will not be taken into account in the Calculation tab. Enter the disposal proceeds, or the market value if applicable. 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 special rate allowances was previously claimed results in a balancing charge which is 50% of the proceeds.
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