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Need help with assets!!
Hi, Great work on FreeAgent Central - it is a real time saver!
How do you account for a car purchase? I have added it as an asset purchase in the 07/08 tax year but it is taking the first year allowance of 50% which is not eligible for motor vehicles, which should be at 25%.
Another question on assets, I have a laptop that was purchased in 07/08 tax year and in that tax year claimed FYA of 50% it then stopped working in tax year 08/09 so I would have put that through the accounts as a disposal of 0 and claimed the remaining depreciation in the 08/09 tax year. How can I add that to the system? Also I would need to remove the further years of depreciation from my accounts so they are not accounted in the asset pools.
Is there anyway of selling an asset to work out profit/loss and stop the depreciation?
How do you account for a car purchase? I have added it as an asset purchase in the 07/08 tax year but it is taking the first year allowance of 50% which is not eligible for motor vehicles, which should be at 25%.
Another question on assets, I have a laptop that was purchased in 07/08 tax year and in that tax year claimed FYA of 50% it then stopped working in tax year 08/09 so I would have put that through the accounts as a disposal of 0 and claimed the remaining depreciation in the 08/09 tax year. How can I add that to the system? Also I would need to remove the further years of depreciation from my accounts so they are not accounted in the asset pools.
Is there anyway of selling an asset to work out profit/loss and stop the depreciation?
I’m indifferent
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Inappropriate?Colin,
Thanks for your kind words!
Capital Assets: Car Purchase - we don't currently support cars as capital assets. This may sound strange but most of the businesses we have on board tend to reclaim mileage instead.
It's definitely something we want to include in our calculations in the future but in the meantime you or your accountant could add journal entries to correct the depreciation in the accounts. You'd also need to fudge the Corporation Tax (or Self Employment Taxable Profit) to get a more precise figure.
Disposal of Assets is, again, something we don't yet directly support, but we're doing a lot of work on our Accounting Engine at the moment and that's one of the main things we'll be adding. Again, in the meantime you could journal out the existing, automatic depreciation entries.
Hope that helps.
EMPLOYEE
