Capital allowances

Capital allowances sheets are to calculate basic capital allowances per each Fixed asset addition. These sheets are designed to calculate capital allowances, balancing allowances, and balancing charges for tax purposes. The Capital allowance – summary and Accelerated capital allowance sheet are present in all computations.

Once you recognize a fixed asset addition and determine the rate category – Capital allowances, Industrial building allowance or Agricultural allowance – you will be asked to insert a Capital allowance sheet specific for the Business type and sheet description. You can insert as many Capital allowance sheets from Fixed asset additions per each business and/or Common allocation as needed. When using Common allocation, you can split up the allocation as a percentage between the businesses in the computation.

This sheet summarizes all trade and Rental income businesses in the columns. The values from the Capital allowances – summary go to the Return summary. The sheet is present in all calculations.

This sheet summarizes all the values in related sheets when Accelerated capital allowance (ACA) tick box was selected. Accelerated Capital Allowance sheet shows the total ACA and non-ACA calculated from each Capital allowance sheet.

These sheets have two blocks – brought forward and current year assets. Rows in both blocks with carry forward amounts will roll forward to the ‘brought forward’ block after rolling forward the calculation.

After entering the allowance rates and year the asset was acquired, the sheet calculates the Initial and Annual allowances available, and links them to the ‘Capital allowances – summary’ and ‘Accelerated capital allowance’ sheets.

Relevant summary rows from the related Fixed asset additions sheet will automatically insert a row into the current year section.

For each ‘Hire purchase assets / assets under leasing’ sheet inserted, a ‘Capital allowance for hire purchase assets / assets under leasing’ sheet can be inserted, as well as equivalent sheets for IBA and Agricultural allowances.

Each asset with current year qualifying expenditure will insert a row onto the ‘Capital allowances for Hire purchase assets / assets under leasing’ sheet.

After entering the allowance rates and year the asset was acquired, the sheet calculates the Initial and Annual allowances available, and links them to the ‘Capital allowances – summary’ and ‘Accelerated capital allowance’ sheets.

Capital allowance, IBA, and Agricultural allowance sheets can all be inserted for each ‘Capital assets expensed off’ sheet in the calculation.

These sheets have two blocks – brought forward and current year assets. Rows in both blocks with carry forward amounts will roll forward to the ‘brought forward’ block after rolling forward the calculation.

After entering the allowance rates and year the asset was acquired, the sheet calculates the Initial and Annual allowances available, and links them to the ‘Capital allowances – summary’ and ‘Accelerated capital allowance’ sheets.

Relevant summary rows from the related Capital assets expensed off sheet will automatically insert a row into the current year section.

Capital allowance, IBA, and Agricultural allowance sheets can all be inserted for each ‘Assets controlled transfer in’ sheet in the calculation.

These sheets have two blocks – brought forward and current year assets. Rows in both blocks with carry forward amounts will roll forward to the ‘brought forward’ block after rolling forward the calculation.

After entering the allowance rates and year the asset was acquired, the sheet calculates the Initial and Annual allowances available, and links them to the ‘Capital allowances – summary’ and ‘Accelerated capital allowance’ sheets.

Relevant summary rows from the related Capital assets expensed off sheet will automatically insert a row into the current year section.

We’ve added new features of linking total qualifying cost from Disposals analysis sheet to all Capital allowance sheets other than Hire purchase. Once you select a target Capital allowance sheet from Disposals analysis, a column will be inserted in the selected Capital allowance sheet and the total qualifying cost for each IA-AA rate and year of purchase in the summary section will be linked to there. If you have multiple Disposal analysis sheets and choose the same Capital allowance sheet, there will be multiple columns inserted.