This section allows input and calculation of First Year Allowances on Plant and Machinery expenditure within a Freeport tax site.
Click the following links for help on:
The tab shows a grid where a list of the assets created is displayed showing
- Description – a description for the asset
- Location – the location of the Freeport where the expenditure on Plant and machinery was incurred.
- Date purchased – date the expenditure was incurred.
- Date sold – the date the plant and machinery was sold.
New asset creation
Select the New asset button to create a new asset for a given Freeport location.
Some of the data entry fields in this screen have a red asterisk alongside them which indicates that this information is required, and the data cannot be saved until they are completed.
- Description – enter a description for the asset.
- Location of Freeport – select the Freeport location from the drop-down selection list
- Address of business operations – Ensure at least the first two lines of the address are completed.
- Enterprise Zone claim already made? – tick this box if an Enterprise Zone claim has already been made in respect of this expenditure.
- Date purchased – enter the date of purchase. This cannot be before 1/11/2021.
- Cost – cost of the expenditure
- 100% FYA claimed – Taxfiler will automatically calculate the allowances based upon the cost.
- Date sold – enter the date sold.
- Disposal value – enter the amount of the disposal value or proceeds. This value will be transferred to the Disposal proceeds on the Calculation tab.