Disposals reconciliation

Disposals reconciliation reconciles the profit/ loss on disposal of tangible fixed assets per the accounts for the period of account, to ensure that they are correctly stated for tax purposes. It also provides information to NBV reconciliation.

Disposal of tangible fixed assets

For each activity of the company, the section may include the following five rows:

• Main rate asset pool
• Special rate asset pool
• Short life assets
• Business premises renovation allowance (only for UK trades and UK property business)
• R&D allowances (only for UK trades and UK property business)

For each of these rows, the following entries will be populated from information entered at Fixed asset register:

• Net cost
• Net book value
• Disposal proceeds
• (Profit)/loss on disposal
• Actual disposal proceeds if different
• Proceeds in excess of net cost.

Accumulated depreciation cannot be derived from Fixed asset register and therefore requires a manual entry, if appropriate.

The following rows requires manual entries of all non-calculated values:

• Non-qualifying assets
• Deferred revenue expenditure
• Transfer from revaluation reserve
• Other

Reconciliation to P&L account

Use Add/Edit to select the figures in Profit & loss which relate to profit or loss on disposal of tangible fixed assets.

Analysis by trade

Analyses the figures of profit or loss on disposal of tangible fixed assets in Reconciliation to P&L by trade.