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Expensive cars - supporting schedule |
See Also
Allowances - Plant | Expensive cars | Long life/Special rate assets (including integral assets) | Multiple expensive cars
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule provides expensive car capital allowance calculations for a group of cars where the single Expensive cars schedule would prove impracticable to work with.
2009 and later years
Cars qualifying for capital allowances based on their CO2 emissions should be added to either the Plant Pool or the Special rate assets pool , depending upon the relevant CO2 emissions. These cars should not be included as de-pooled expensive cars on this schedule.
As many copies of the schedule as are required may be obtained by use of the Develop option within the Multiple expensive cars schedule. Totals are carried up to the parent schedule.
Unused columns are hidden and any additional lines may be added as required, by use of the Ins key.
Registration, Make, Original cost, TWDV b/f, Additions, Proceeds
The user is required to enter registration number, original cost, additions and disposal proceeds if appropriate. The TWDV b/f cell will be completed automatically where a new period is built from the earlier year.
Cost limit for restriction
The cost limit for allowances has a default value which may be changed if necessary. It can be set to zero to disclaim allowances.
CAA 2001 s 220
Any expenditure restricted under CAA 2001 s 220 , which is available for carry forward and inclusion within the next accounting period will be shown as a memorandum entry towards the foot of the schedule.
Writing down allowances (WDA) waived
By default any writing down allowances (WDA) waived are apportioned across assets automatically. For FY 2005 files and onwards it is possible to manually allocate WDA waived across individual assets by means of a selector on the schedule. Data entry cells will be displayed for this purpose.
'Hybrid' rates of WDA
Where the rate of WDA changes between financial years and a 'hybrid rate' is required to be applied, the software calculates the relevant rate and displays this. Note that this will not display or print in the final version.
A data entry cell is provided to allow for the rate to be overriden if required, and for clarity the rate of WDA applied is also displayed.
The schedule has no standard sub-schedules.
On carry forward, each line in the earlier year will cause a line to be inserted on the same schedule for the later year. Details of cost and registration number will be transferred, and tax written down values carried forward and brought forward will be linked. Totals carried forward and brought forward will be cross-checked.
Error | How to
solve it |
| Sign error | This error results from the sign conventions used within the software. This error can be resolved by clicking the
|
| Excess waiver | This error occurs when the writing down allowances (WDA) disclaimed are in excess of the amount of WDAs actually available. Ensure that the WDAs disclaimed are not in excess of the actual WDAs. |
| Remove manually entered values above or select to manually allocate WDA waived | For FY 2005 files and onwards where the user has selected not to manually allocate writing down allowances (WDA) waived but has made manual entries these entries are not relevant and should be removed. |
© 2009 Thomson Reuters.