This is where details of the qualifying fixed assets are entered and the deferred tax charge arising on the differences between the Net Book Value per accounts and the Tax WDV are calculated. The entries made in this screen are a mixture of manual and calculated entries. The window comprises of three different screens.
Accounts Net Book Values - Qualifying assets only (software version 2015.2 and earlier only)
Enter the details of net book values and movements relating to qualifying assets. The entries should reflect the entries as shown in the company's financial statements. The NBV Bfwd will be auto populated from the NBV Cfwd value when the case is rolled forward to a new period of account.
Accounts NBV (software version 2015.3 and later)
With effect from version 2015.3 of Corporation Tax the Net Book Value data entry window will be automatically completed with the information from the Tangible Fixed Asset Summary window. It is a representation of the net book values and movements as seen in the company's Financial statements for the period of account.
Non-qualifying assets are also displayed here and deducted to arrive at the total movements relating to qualifying assets necessary for the calculation of deferred tax on fixed asset differences. The information displayed is derived from the entries made in the Non-qualifying assets data entry window.
Details of relevant qualifying assets relating to Trade Intangible Fixed Assets and any Other qualifying assets will need to be entered manually into the associated rows indicated in the data entry window.
This is automatically populated from the data entries made in the capital allowance areas within corporation tax. Manual entries are required to be made for any Intangible Fixed Assets.
Deferred tax charge calculation
This requires the tax rate to be entered together with any provisions required for timing differences and any roundings.