Capital allowances

Capital allowances sheets are to calculate basic capital allowances per each Fixed asset additions. 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 the

Capital allowance

sheet specific to the business type and sheet description. You can insert as many as

Capital allowances

sheets from fixed asset additions per each business and/or Common. In Common 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 sub-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.

The Hire purchase assets sheetlets you insert Capital allowance for hire purchase assets / assets under leasing sheet for further analysis of an asset. The Capital assets expensed off present in the computation releases the Capital allowances/Industrial building allowances and Agricultural allowances for capital assets expensed off depending on the rate category. Once you use Assets controlled transfer in sheet you can expand your analysis based on the rate category as well.

The Capital allowances for hire purchase assets sheet has one block with the ability to insert manually the rate of IA, AA and the year of repayment.

The sheet is build based on the two blocks – brought forward and current year values. The brought forward rows will carry on for the next year after roll forward. All that has been inserted in as a fixed assets addition with IBA category will automatically transfer as an additional row in the current year section. Depending on the rate in Initial Allowance (IA) and Annual allowance (AA) columns the value of residual and qualifying expenditures will calculate.

The sheet is build based on the two blocks – brought forward and current year values. The brought forward rows will carry on for the next year after roll forward. All that has been inserted in as a fixed assets addition with Agr category will automatically transfer as an additional row in the current year section. Depending on the rate in Initial Allowance (IA) and Annual allowance (AA) columns the value of residual and qualifying expenditures will calculate.

If you have one or more business in the computation and the fixed asset addition sheet description indicated, then when you develop a new sheet for IBA or Agr you will be guided by the sheet captions in the insert sheets menu.