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Adding first year allowances
How do I input costings for first year allowances so that it shows on my coporation tax sheet
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Inappropriate?Mark,
Do you mean how do you add Capital Assets so they're reflected in the corporation tax first year allowances?
You just need to add bank entries (or out-of-pocket expenses, or bills) categorised as 'Purchase of Capital Asset' and that will create the asset (see Accounting > Capital Assets). You can date the purchase before the FreeAgent start date if it's historical.
FreeAgent automatically includes those capital assets in your corporation tax calculations
(you may also need to set up the opening corporation tax capital asset pool value in the Settings > Opening Balances but your accountant should be able to help with that...)
Does that help?
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