 |
 |
|
|
Pickwick Limited's current account period end date is 31 December
Account period end dates for 31 December 2001, 2002 and 2003 are entered in IRIS
The corporation tax computation is being prepared for the 31 December 2003
Pickwick purchased a second industrial building on 1 December 2003 for £50,000 from The Old Curiosity Shop. The residue of qualifying expenditure is £8,000 with a remaining tax life of 10 years
In this situation:
Select Edit | Building Allowances
Click New.
Enter the following information for the asset:
Description |
Second hand building |
Total |
£50,000 |
Date |
01/12/03 |
Building is second hand |
Tick |
Remaining tax life at purchase |
10 |
Qual.Expenditure – residue at purchase |
£8,000 |
Click OK.
On the Building Allowances screen the building will appear as an addition of £8,000 with a £800 WDA and a £7,200 residue carried forward.