Finding the correct single asset form

Note: Industrial buildings allowances (IBAs) and Agricultural buildings allowances (ABAs) were phased out for tax years to 5 April 2011 and withdrawn from 6 April 2011 (1 April 2011 for CT). The abolition also applied to Enterprise Zone expenditure.

There are five categories of assets in Business Tax that have to have their transaction details recorded individually. These are Short Life Assets, Motor Cars costing over £12,000, Private Use Assets,Industrial Buildings and Agricultural Buildings.

Firstly, you need to select which of these above types of asset you wish to enter data for. You select these categories using the Navigator Tree. All the categories are found in one of the client's Capital Allowances folders.

• If the asset is in the name of the business, it will be the Capital Allowances folder found below the Standard Accounts Information folder in the Accounting Period View.
• If the asset is (or was) held in the name of an individual partner, then you must open up that partner's folder on the Accounting Period view of the Navigator Tree and enter transaction data on the forms within the Capital Allowances folder found here.

Note: In the case of Sole Trades, all capital allowances data is recorded on the forms in the Capital Allowances folder below the Standard Accounts Information folder. There are no other Capital Allowances folders. No distinction is made between those assets held in the name of the business and those held in the name of a proprietor.

All the Capital Allowances folders have the same internal structure:

• If you are entering transactions into either the Short Life Assets, Private Use Assets or Motor Cars costing over £12,000 categories then these forms are all found in the Plant and Machinery/Single Asset Pools folder.
• Industrial Buildings are found in the Industrial Buildings folder.
• Agricultural Buildings are in the root Capital Allowances folder.