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Fixed assets |
See Also
Allowances - Plant | Depreciation | Disposals | Fixed asset addition analysis | Fixed assets summary | Revenue grants
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule lists the fixed asset additions in the period by capital allowance qualification.
This schedule is a master schedule and is automatically present in every file.
Sign convention
The C schedule follows the Debit / (Credit) sign convention; hence additions and net book value are positive, disposals and depreciation are negative.
Changing captions
Certain captions may be altered as required, but must not be changed to different types of allowances. Care must be exercised where captions are changed, as many of the rows are linked to other parts of the computation.
Rows
Rows and subtotals which are not used will automatically be hidden. Additional rows may be added to the additions part of the schedule by using the Ins key.
Additions
Post APE 31/3/97 companies
The rows shown in the additions section on the C schedule will depend upon the types of capital allowances schedules developed in the computation. Therefore, it is important to ensure that the necessary capital allowances schedules have been developed before dealing with the entry of additions.
Additions may either be entered by the user directly on to the C schedule, analysed between the various tax captions (plant, etc.), or the fixed assets additions analysis schedule can be developed. In the latter case, the total of additions entered on the analysis schedule for each tax category is transferred by the system to the appropriate additions row on the C schedule. Developing the relevant capital allowances schedules will ensure that the required columns on the analysis schedule are shown.
See also:Fixed asset additions analysis schedule
Pre APE 31/3/97 companies
For accounting periods ending before 1 April 1997, the rows shown on the C schedule do not depend on the capital allowances schedules developed. Furthermore, the direct transfer of the totals to the C schedule does not occur from the additions analysis schedule; instead, the user enters the additions on the C schedule and the system checks the totals on the analysis schedule to the additions per the capital allowances schedules.
Interaction with capital allowances (all companies)
Capital allowances are calculated automatically on the capital allowances schedules and based on the figures for additions and other movements entered by the user.
Incorporation: differences between TWDV and NBV
On incorporation of an existing business, assets qualifying for capital allowances need to be brought in at their TWDV. This may differ from the accounts NBV. If the initial entries are made as additions on the relevant capital allowance schedules, the difference between TWDV and NBV transferred in will cause the "NBV out of balance by" error message to appear on the C schedule. This can be resolved in one of two ways, depending on whether the Deferred tax F schedules are being used.
If the F schedules are not used:
Adjust for the difference using either the Non qualifying additions row or one of the Other rows within the Additions section. A Note or non-standard supporting schedule may be used to provide further information if required
If the F schedules are to be used:
When the F schedules are developed, a new row, Difference between NBV and TWDV on incorporation, will automatically be added to the Additions section. This row should be used to adjust for the difference to ensure that it is correctly reflected in the Reconciliation of movement on fixed assets schedule.
Depreciation
A figure for depreciation is also entered by the user on the C schedule, which is reconciled to the Profit and Loss account.
Post APE 31/3/97 companies
There is a reconciliation at the foot of the C schedule. Depreciation is linked through from the D schedules to this reconciliation.
Pre APE 31/3/97 companies
For a period ending before 1 April 1998, the depreciation is reconciled on the C2 schedule. Individual income and expense analysis schedules will contain an entry line for depreciation, which are then transferred to the C2 schedule.
See also: Depreciation
Revaluations
A figure for revaluation gains or losses should be entered by the user. This is the value which affects reserves and other movements such as those on foreign exchange revaluations should be entered in the "Other" rows.
Disposals
The figure for profit or loss on disposal should be entered which is reconciled to the entry in the Profit and Loss account.
See also: Disposals
Post APE 31/3/97 companies
The profit/loss on disposal is checked to the Profit and Loss account figure at the bottom of the C1 schedule. Again, amounts are linked through from the Profit and Loss account to this reconciliation.
Pre APE 31/3/97 companies
For a period ending before 1 April 1998, the profit/loss on disposal is reconciled on the C2 schedule.
Grants
Non taxable grants set off against the cost of fixed assets should be entered as a negative amount on the row labeled Less RDGs/non taxable grants netted off fixed assets.
Exceptionally, where a taxable revenue grant has been set off against the cost of fixed assets, the amount set off should be entered on the line Less taxable revenue grants netted off fixed assets. See also Revenue grants.
Where taxable capital grants have been credited to P/L, you must reduce the relevant qualifying fixed assets additions by the amount of the grants and show the grants on the line Add expenditure met by taxable capital grants.
Net book value, end of period per accounts
In order to confirm that the C schedule reconciles to the accounts, the user should complete the check total for NBV carried forward per the accounts, below the calculated figure. On carry forward, the opening net book value for the later period is linked to closing net book value for the earlier period.
Investment companies
The investment company variants of the C schedule are identical to the trading company version.
The C schedule has a large number of standard supporting schedules. Please see the 'inverted schedule maps' for more information.
On carry forward, this schedule is automatically developed in the subsequent computation. In the subsequent computation, the net book value at the beginning of the period is entered automatically.
Error | How to
solve it |
| Depreciation does not reconcile | The depreciation figure needs to be linked from the D schedule, or a schedule developed from the D schedule, to the C schedule in the software. To remove this error highlight the cell containing the depreciation figure and select Link Depreciation from the Develop menu. |
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