Industrial Buildings (2010 and earlier)
This section includes the following tabs. Click on a heading to find out more about the boxes on each tab.
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allowances (IBAs) and Agricultural buildings allowances (ABAs) were phased out for tax years to 5 April 2011 and withdrawn from 6 April 2011 (1 April 2011 for CT).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 some extra details you need to specify for Industrial Buildings.
| Option | Description |
|---|---|
| Second Hand | Select this if the asset was acquired second hand after the first accounting period. |
| IBA per annum |
Only used for second hand assets or if the building was owned prior to the commencement of the first Business Tax accounting period (in all other circumstances, this will be calculated automatically). Enter the year allowance due for the currently selected asset. |
| Balancing adjustment on disposal | Select this to generate balancing adjustment calculations for relevant disposals on or after 21/3/2007. |
| Existing asset | Select this is your client acquired this asset prior to the commencement of the first Business Tax accounting period. |
| Allowances to date |
Enter a value if the building was acquired prior to the commencement of the first Business Tax accounting period. This is enabled when the Existing Asset check box has been selected. Enter the total allowances claimed prior to the commencement of the first Business Tax accounting period. This doesn't need up to be updated year on year. |
This window is used to record the transactions associated with any of the assets listed in the Asset Description window. The transactions that should be entered are:
- Purchase of assets
- Sale of assets
- Scrapping of assets
- Initial Residual Qualifying Expenditure, brought forward
- Residual Qualifying Expenditure (for second hand acquisitions)
- Open Market Value Acquisition
- Open Market Value Disposal
For each transaction, you should enter a date and a value.
You can use the button to add or delete a transaction. From this button you can also select a date to be used for the default date for all subsequent transactions.
This tab displays the computations that Business Tax has made in order to calculate the Residual Qualifying Expenditure of the assets. Most of the fields on this window are read-only. The only box you can edit is the Written Down Allowance.
Note: Phasing out of WDAs is not shown within individual buildings since the WDV C/F is based on the un-phased out WDA. Phasing out of WDAs is dealt with on the total WDAs for IBAs in the Capital Alowances Summary.
You may select to view the computations for a given period by selecting that period from the Period drop-down list.
This tab provides an overview of the Asset Transactions for each period. For each accounting period, the window shows the totals of the following:
- Residual Qualifying Expenditure brought forward.
- Additions
- Disposals
- Written Down Allowances
- Balancing Adjustment
- Written Down Value c/f
- Total Claimed
All the fields in this window are read only. The values can only be amended by entering the relevant transactions on the Transactions tab.
How do I get here?
Capital Allowances > Buildings >Industrial Buildings
- Click the Ellipsis button
next to the Description label. - Choose Add from the pop-up menu. A new row appears on the grid.
- Click in the Description cell and start entering the details.
- Press the TAB key to move to the next cell.
- Click Save when you've finished entering transactions.
- Select the transaction you want to delete.
- Click the Ellipsis button next to the Description label.
- Choose Delete from the pop-up menu. A Confirm window appears.
- Click OK. The transaction is deleted.