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Capitalised leased assets summary |
See Also
Calculation of Tax Liability | Capital allowances summary | Capitalised leased assets | Disposals | Expense analysis | Expenses of management | Fixed assets | Profit and loss account / Income statement (D schedule) | UK property business analysis | UK property income
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
Note: The usage of this schedule has changed slightly from 2007 onwards.
2007 onwards:
This schedule is designed to allow the analysis of allowable depreciation under "new" finance leases within the SP3/91 rules, those entered into after 11 April 1991.
New rows may be added as required.
Pre 2007:
The schedule provides an analysis of the balance sheet movement of leased assets and liabilities to be analysed.
New rows may be added as required.
2007 onwards:
The schedule is developed from the Fixed asset schedule, under the Other reliefs group.
Pre 2007:
The schedule is developed from the Capitalised leased assets schedule and is stored as part of the 'C' series of schedules.
The screen is split into two sections:
Capital cost/additions/disposals
Each of the data entry cells should be completed with the cost of any leased additions and disposals in the year. The capital value of any amounts brought forward will be completed automatically from the carry forward values in the prior period.
The total capital Additions figure is transferred to the 'P2' schedule, the Capital allowances summary schedule.
Depreciation
2007 onwards
The Depreciation charged to P/L will be automatically adjusted for on the Calculation of tax liability schedule, except for any value entered as (Charged) to UK property business.
Note: It is assumed that the Depreciation charged to P/L figure is included within the depreciation charge.
Pre 2007
This section of the screen provides for the movement in depreciation in the period.
The total depreciation charged to the profit and loss account is transferred to the Capital allowances summary schedule.
In the investment company version, the allowable depreciation is treated as an expense of management. Where the investment company has a long period of account, the total allowable depreciation needs to be analysed between each taxable period.
Net book value of disposals
The software will compute the net book value of leased asset disposals, which should agree with the value entered on the Fixed asset Disposal schedule.
Investment companies
In the investment company version, this section will summarise all the interest charged values on this schedule, and automatically include the total on the Expenses of management schedule.
Where the investment company has a long period of account, the total interest charged will need to be analysed between each taxable period.
Note: You may link the interest charged on "new" finances leases from either the Profit and loss account schedule or an Expense analysis schedule by using the Develop > Link > Interest on new finance leases.
Property Companies
Where the schedule is developed from a UK property business analysis any adjustments will be made on the UK property business schedule rather than on the Calculation of tax liability schedule.
None.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation. In the subsequent computation, the capital value brought forward for each asset is entered automatically.
None.
© 2009 Thomson Reuters.