Click Edit 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.