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Hello, Im struggling to complete the HMRC CT600 with regard

Customer Question

Hello, I'm struggling to complete the HMRC CT600 with regard to a loss on asset disposal. The loss is shown in the P & L and is added back on in box CP51. AIA has not been claimed and I can't see where to enter this as a balancing allowance. Thank you.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Please provide me with figures for fixed assets and all entries pertaining to this asset disposal.

Many thanks
Customer: replied 2 years ago.

The fixed assets b/fwd are 291,912


 


I entered the following Jnl in the accounts for the assets disposed of. They were not sold as they were broken.


CR Cost of assets 57,883


DR Depreciation 38,916


DR P&L Loss on Assets Disposal 18,967


 


I am using HMRC free software for the accounts & CT600. In the computations, the figures relating to assets are as follows:


 


Box CP51: 18,967


Box CP78: 291,912


Box CP82: 57,358


Box CP83: 40,375


Box CP88: 40,375


Box CP89: 53,081


Box CP186: 93,456 (also box CP93, 95 and 99)


Box CP92: 255,814


Box CP106: 18,967


Box CP246, 248 & 267: 93,456


Box CP253 & 274: 57,358


Box CP249 & 279: 40,375



I have tried reducing the b/fwd figure by the loss total but I still don't get a balancing allowance for the loss? Please advise where I'm going wrong.



Many thanks.


Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply and additional information.

I will review your entries and revert to you.

Many thanks
Expert:  taxadvisor.uk replied 2 years ago.

Please explain to me how you have only claimed in the year WDA of 53,081 – Box CP89

Please provide your calculation of this amount.

What is the WDV of assets that resulted in a loss of 18,967 – Box CP51 ( did you insert this amount 18,967 in Box CP33 within Computations – Expenses)

I presume WDV brought forward 291,912 as shown on Box CP78 included a WDV pertaining to the assets disposed in the current year giving you a loss of 18,967.

If there is a balancing allowance on this asset then how much is it and have you included it in WDA claimed – Box CP89?

many thanks

Customer: replied 2 years ago.

Thank you for your reply. Sorry but I'm unable to work on this any more today so will it be ok if I get back to you tomorrow.


 


Kind regards

Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply...

Please come back at your convenience. I think the WDA has to be increased to account for balancing allowance.

Many thanks

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