UK Partnership

Enter capital allowances information

For trading or property partnerships, you can enter capital allowances information, including sheets, brought-forward information, additions, and disposals.
Trading or property partnerships can claim capital allowances on capital expenditure. The process for entering this information is straightforward and the same for both types of partnerships.

Insert capital allowances sheets

Do the following to insert the required capital allowances sheets:
  1. Add a trade or property business to the calculation.
  2. Select
    Insert
    Insert Sheets
    .
  3. Select the capital allowances sheets that are relevant to your calculation.
    note
    If you have multiple business activities, there will be an option for each one.
  4. Select
    Add
    .

Enter brought-forward information

If you're completing your 1st year in ONESOURCE, you can enter existing assets and brought-forward information into the calculation:
  1. Go to the sheet you need.
  2. For pooled assets, enter the
    Tax written down value
    .
    note
    When preparing calculations on both income tax and corporation tax bases, enter the brought-forward amount for each basis separately.
  3. For single asset pools, enter rows for each asset and add any additional information you need.
    note
    Currently, single asset pools are calculated on a combined basis so you only need to enter the information once.

Enter additions

Do the following to claim capital allowances on additions during the period:
  1. Select the
    Balance sheet analysis
     folder on the navigator, then select
    Additions analysis
    .
  2. Enter the information for each addition into rows on the sheet.
    note
    • Columns show what you entered in the property or trade businesses in the calculation.
    • Less frequently used options are hidden by default to minimize columns.
    • To claim amounts for hidden items, go to the
      Display options
       section and mark the checkboxes for the columns you need.
  3. Make sure the
    Expenditure per accounts
     amount equals the total of the amounts allocated to the individual category columns.
    note
    This ensures the expenditure is fully analysed.
  4. If there is more than 1 business activity in the calculation, select the business the additions belong to.
    note
    This ensures the capital allowances are calculated in the correct business.

Enter disposals

Do the following to enter disposal information:
  1. Select the
    Balance sheet analysis
     folder on the navigator, then select
    Disposals analysis
    .
  2. Enter rows for each disposal.
    note
    You can consolidate amounts into a single row per capital allowances type if preferred.
  3. Enter amounts into the columns as required. If the disposal proceeds exceed the cost, enter the excess into the
    Proceeds in excess of costs
     column.
  4. If there's more than 1 business activity in the calculation, select the business the disposal belongs to.
    note
    If you have 2 trades with disposals, you'll need to split each disposal to its own row.
  5. Select the asset type that's being disposed.
    note
    • If the disposal relates to the
      Main pool
       or the
      Special rate pool
      , the proceeds will automatically be included in these calculations.
    • If the disposal relates to
      Single asset pools
      , enter the disposal proceeds against each asset in these sheets. The proceeds will reconcile to the amount in the
      Disposals analysis
      .
    .

Fixed assets note

In more complex cases, you can reconcile the amounts to the
Fixed assets note
. This replicates the note in the accounts and turns on additions, disposals and the depreciation charge in the computation to the accounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax