Plant and Machinery – Special Rate Pool – Special Rate allowance Assets

Click the following links for help on: 

SRP – Calculation 

SRP – Asset movements  

This section allows for the input of expenditure incurred on which a claim to the Special Rate allowance is being made. It also allows for the input of disposals of assets on which a Special rate allowance was previously claimed. 

Taxfiler will automatically roll forward the information in the grid until the asset is disposed of  

Plant & machinery – Special rate pool – Special rate allowances – additions and disposals 

  • Description – enter a brief description of the expenditure. 
  • Date of expenditure – enter the date of the expenditure, which must be within the accounting period and be within 1/4/2021 and 31/3/2023. If the date does not match either of these criterion then the additions value will not appear in the Calculation tab and no allowances or charges will be brought into account. 
  • Amount – enter the amount of the expenditure. Do not enter pence. 
  • Date sold – enter the date of the disposal. This date should be within the accounting period. 
  • Proceeds – enter the date the asset was sold which must be within the accounting period. If the date does not match this criterion, then the disposal will not be taken into account in the Calculation tab. Enter the disposal proceeds, or the market value if applicable. Be sure to limit the sale proceeds to the original acquisition cost unless the disposal is not at arm’s length. 
  • Balancing charge – on the disposal of an asset on which special rate allowances was previously claimed results in a balancing charge which is 50% of the proceeds. 

To delete a line from the grid, click Trash can at the end of the line.