Tangible fixed assets
Overview
This part of the software is designed to analyse the tangible fixed asset amounts and movements in the accounts for tax purposes.
- Tangible fixed assets note
- This sheet is intended to provide a copy of the tangible fixed asset note in the accounts, forming a fixed point to which all qualifying and non-qualifying tangible fixed assets can be reconciled back. Only one sheet will be relevant per period of account. This sheet is automatically present in the computation.
- Additions analysis
- You use this sheet to analyse the capital expenditure incurred, in the period, including capital items expensed. The sheet provides a bridge between the tangible fixed assets note in the accounts, and the capital allowance sheets in the computation, as well as the CT600 return form. The sheet is automatically present in the calculation.
- Capital expenditure qualifying in other periods
- This sheet is designed to analyse capital expenditure that will qualify for allowances in a later period, and expenditure that has already qualified for allowance but will be capitalised in a later period.
- Disposals analysis
- This sheet is used to record details of all disposals and provides a bridge between the tangible fixed assets note in the accounts, and the capital allowance sheets in the computation. The sheet is automatically present in the calculation.
- Disposal proceeds sheet
- This sheet is used to record the proceeds analysis required by HMRC. The sheet is automatically present in the calculation.
- Capital allowance movements
- This sheet summarises additions and disposal proceeds for each capital allowance type and is automatically present in the calculation.
- Capitalised revenue expenditure
- This sheet is used to adjust for revenue expenditure that has been capitalised in the accounts.
- Capital allowance reconciliation
- This sheet provides a bridge between the various capital allowances and balancing charges calculated in the computation, and the values required in the CT600. One sheet is required to support the CT600 for each accounting period created and is automatically present in the calculation.
Completing the Sheets
You can import data for the
Fixed assets note
, Capital allowance additions
and Capital allowance disposals
sheets, or you can manually enter data.Tangible Fixed Assets Note
The
Tangible fixed assets note
is designed to mirror the tangible fixed assets note in the company’s accounts. The sheet displays the more common fixed assets types of Land and buildings
, Plant and equipment
and Vehicles
. Additional categories can be added by selecting Insert Line Item
. If the data was not imported, you will need to manually enter the information in the Cost or valuation
and Depreciation
sections. The additions and disposals totals need to reconcile with the amounts on the Additions analysis
and Disposals analysis
sheets.Additions Analysis
The sheet provides a single point of entry for all capital expenditure and lets you insert rows as required. If any of the expenditure qualifies for the
Main pool
, Special rate pool
or as a Short life asset
, then there are options that allow you to choose the relevant columns to display on the sheet based on the expenditure type. If any of the expenditure is qualifying in later periods, select the check box to directly link the row to the Capital expenditure qualifying in other periods
sheet where a new row will be inserted. After all additions are inserted, they should reconcile with the total additions on the Tangible fixed assets note
sheet.Capital Expenditure Qualifying in Other Periods
Where an addition does not qualify for relief in the period, select the
Qualifying/capitalised in later periods
check box on the Additions analysis
sheet then enter the amount of expenditure that is qualifying in the current period. Any excess will be carried forward to the following period. You can also use this sheet if an amount of expenditure qualifies in the current period but will not be included in the accounts until a later period.Disposals Analysis
On this sheet, classify your disposals using the
Capital allowance type
dropdown list. You can insert rows as required. Amounts analysed elsewhere in the calculation as P/L on disposal
are automatically included in the Reconciliation
section.Disposal proceeds sheet
The sheet is populated if you are required to complete the proceeds analysis on
Disposals analysis
sheet and completes the relevant boxes on the CT600
return.Capital Allowance Movements
This sheet summarises the totals of each capital allowance type from the
Additions analysis
and Disposals analysis
sheets. The only entry required on this sheet is to state the amount of expenditure on which the annual investment allowance (AIA) has been claimed. Amounts are then linked to the Capital allowance reconciliation
sheet.Capitalised Revenue Expenditure
This sheet lets you reconcile revenue expenditure with
Additions
from the Additions analysis
sheet and Disposal proceeds and Profit/loss on disposal from the Disposals analysis
sheet. The total Depreciation charged to I/S
and Profit/loss on disposal
both link through to the Adjustment of profit and Investment business
sheets. The Depreciation override
column is available for you to amend the calculated depreciation.Capital Allowance Reconciliation
This sheet automatically collates the capital allowances and balancing charges from the various capital allowance sheets in order to include them on the CT600. The sheet divides the allowances and charges between trade and non-trade amounts and provides CT600 box numbers for your reference.