Assets with private use

The private use assets are listed in a grid. To view or edit an asset, click on the asset name.

To add a new asset click New asset….

To delete an asset, click on the asset name to view the asset, then click Delete button.

  • Description of asset’ Enter a description of the asset.
  • Qualifies for AIA?‘ Tick the box if the asset qualifies for Annual Investment Allowance.
  • Qualifies for 100% FYA?’Tick the box if the asset qualifies for 100% First Year Allowances.
  • ‘Zero-emissions goods vehicle?‘ Tick the box if the assets qualifies as a zero-emissions good vehicle
  • ‘Special rate asset’ Tick the box if the asset is applicable for writing down allowance at the special pool rate (currently 8%).
  • Date purchased‘ Enter the date that the asset was purchased.
  • ‘Cost‘ Enter the cost of the asset, or the market value if the asset was not acquired at arm’s length.
  • Date sold‘ Enter the date the asset was sold.
  • Proceeds (limited to cost)’ Enter the sale proceeds. Unless the transaction was at arm’s length, limit the proceeds to the original acquisition cost.

Calculation

  • Written down value b/fwd’ Enter the written down value of the asset at the start of the period. If the tax return was rolled forward from an earlier period then the written down value will have been pre-populated.
  • Additions eligible for FYA’ This field shows the expenditure that is applicable for claiming 100% First Year Allowances. This field will only be shown if the asset has been acquired in the period and is applicable for FYA.
  • FYA not claimed’ Input the amount of First Year Allowance that you do not wish to claim. This field will only be shown if the asset has been acquired in the period and is applicable for FYA.
  • Additions eligible for AIA’ This field shows the expenditure that is eligible for Annual Investment Allowance. This field will only be shown if the asset has been acquired in the period and is eligible for AIA, and is NOT eligible for a First Year Allowance.
  • AIA claimed’ Enter the amount of Annual Investment Allowance that you wish to claim. This field will only be shown if the asset has been acquired in the period and is eligible for AIA, and is NOT eligible for a First Year Allowance.
  • Additions not eligible for FYA or AIA‘ This field will show the expenditure that is not eligible for First Year Allowance or Annual Investment Allowance. If the asset is eligible for FYA or AIA then this field will not be displayed.
  • ‘Less: disposal proceeds‘ This field will show the disposals in the period. If no disposal date has been entered then this field will not be displayed.
  • Balancing allowance/(charge)’ This field will display any calculated balancing allowance or balancing charge, based on the values entered. If there is no disposal then this field will not be shown.
  • Residue‘ This field will show the residue remaining after new additions, disposals and balancing allowances/(charges) have been taken into account. If no residue remains then this field will not be shown.
  • ‘WDA @18%‘ This field will show the Writing Down Allowance that has been calculated for this asset. This field will not be shown if the asset has been disposed of.
  • WDA not claimed’ If you wish to not claim any of the writing down allowances then enter the amount in this field. This field will only be shown if there are writing down allowances.
  • Written down value c/fwd’ This field will show the written down value that will be carried forward to the next period, if any.

Private use

  • Percentage of private use’ Enter the percentage of private use for the asset in order to calculate the private use element. If you wish to input the value of the private use portion directly then leave this field blank and input the Private use amount field.
  • ‘Private use amount’ If a value has been entered for the percentage of private use then this field will show the calculated private use portion. If no private use percentage has been entered then you may enter a figure for private use in this field.

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

Read More

Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

Read More

User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

Read More