You can use this screen to either create a new Expensive Car or update the data for the Expensive Car during the Accounting Period, either for a disposal, changing details of the TWDV Bfwd or disclaiming Capital Allowances.
The Expensive car pools data entry area will not be present for Accounting Periods commencing on or after 1/4/2014. The Expensive car pool ceased with effect from this date.
Entering Data for the Expensive Car
The data entries within the screen are largely self explanatory. There are nuances with the data entry and these are explained as follows:
- Description Each description should be unique. You cannot have two Expensive Cars with the same description.
- Date of acquisition must be before 31 March 2009
- Date of disposal must be in the current Accounting Period
- Tax written down value brought forward is not editable for the second and subsequent Accounting Period. You can use the Tax written down value brought forward override to change this value.
- Transfers to Main Pool - this will only be shown on the data entry area where the accounting period is the first Accounting Period commencing on or after 1 April 2014.
- You should manually restrict the sale proceeds on the sale of the car to the original cost if the sale proceeds exceed the original cost to the company.