Loss or (profit) on sale of fixed assets

Click on the ‘edit’ button from the Adjustments to trade profit tab, a new window will open that needs to be completed. This grid allows entry of losses and profits on the sale of fixed assets in the accounts that:

  • are a disallowable deduction, or
  • are deductable from trading profits, or
  • are allowable as trading intangible fixed assets, or
  • are disallowed and treated as non-trading intangible fixed assets.
  • Description’ Enter the description of the transaction.
  • Loss/(profit) per accounts‘ Enter the loss or profit as it appears in the accounts. If the asset was sold for a profit, enter the profit as a negative amount.
  • Allowable as trading intangible fixed asset‘ Enter the amount of the loss or profit that is to be treated for tax purposes under the trading intangible fixed asset regime (not adjustment to accounting profit). Enter a profit as a negative amount.
  • Non-trading intangible fixed asset’ Enter the amount to be treated for tax purposes under the non-trading intangible fixed asset regime. Enter a profit as a negative amount.
  • Disallowable/(deductable)’ This column will show the amount disallowable (as a positive figure to be added back to the tax profit) or the amount to be deducted from taxable profits (shown as a negative figure).

To delete a line from the grid, click the ‘trash can‘ button at the end of the line.

Click ‘Save changes‘ to update the figures to the adjustments to trade profit tab.

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 […]

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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 […]

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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 […]

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