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.