Assets Qualifying for AIA

Last modified 10:20, 23 Oct 2015

Overview

This section details how to input capital assets qualifying for Annual Investment Allowances.

Entering assets qualifying for Annual Investment Allowance

  1. Either you need to input the total cost of the assets into the relevant pool(s):
  • Trading Income>Trade name> Capital allowances >Main Pool> Additions qualifying for AIA/WDA.
  • Trading Income>Trade name> Capital allowances >Special Rate Pool> Additions qualifying for AIA/WDA.
  • Trading income>Trade name> Capital allowances>SLAs> Additions qualifying for AIA/WDA
  • Management Expenses> Capital allowances >Main Pool> Additions qualifying for AIA/WDA.
  • Management Expenses> Capital allowances >Special Rate Pool> Additions qualifying for AIA/WDA.
  • Management Expenses> Capital allowances >SLAs> Additions qualifying for AIA/WDA

The software will assume the assets have an acquisition date of the first date of the Accounting Period.

Or

  1. You need to input your capital acquisitions into the relevant Fixed Asset Additions screen:
  • Trading Income> Trade name> Capital allowances>FA Additions> Allowance Type "Qualifying for AIA".
  • Management Expenses> Capital allowances>FA Additions>Allowance Type "Qualifying for AIA".
  • The total qualifying expenditure from these screens will then be automatically transferred to the AIA screen.

The Fixed asset additions screen expects you to input the acquisition dates.

Once you have input this data, you are able to claim AIA using the AIA screen within the Tax Planning section of the software.

Notes

If an entry is made in the Fixed Asset Addition analysis for assets qualifying for AIA in a specified pool then this will overwrite any manual entry for Additions qualifying for AIA/WDA previously made in that pool.

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