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Torquil
May 9, 2022
Solved

Recording assets claimed in Annual Investment Allowance

  • May 9, 2022
  • 2 replies
  • 0 views

Hi, how do I account for tangible assets whose cost has been claimed under the Annual Investment Allowance?

 

The only previous answer I could find was the usual slightly unhelpful "ask an accountant". I'd expect this is something that affects everyone and that there should be a simple answer but it's confusing me at the moment. Any help is gratefully appreciated. 

Best answer by payment after leaving

Hi Torquil We appreciate that you've already been provided with a similar response however we're not able to provide advice in regards to your question as we're not accountants. There maybe an accountant/professional that views this post and they are able to provide you with the relevant advice. We've also provided you with a link below that will enable you to locate an accountant that specialises in QuickBooks. https://quickbooks.intuit.com/uk/find-an-accountant/

2 replies

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payment after leavingAnswer
June 17, 2022

Hi Torquil We appreciate that you've already been provided with a similar response however we're not able to provide advice in regards to your question as we're not accountants. There maybe an accountant/professional that views this post and they are able to provide you with the relevant advice. We've also provided you with a link below that will enable you to locate an accountant that specialises in QuickBooks. https://quickbooks.intuit.com/uk/find-an-accountant/

M
MikeyJay85
April 5, 2023

John C - you’re misunderstanding the question though. It’s not a technical one requiring assistance from an accountant, we’re literally just looking to locate the Annual Investment Allowance category within the app - I presume it must be in there somewhere? It’s generally one of the highest and most used categories on any self assessment submission…

J
jamespaul
April 5, 2023

Hello, MikeyJay85.

 

I'll shed some light on handling Annual Investment Allowance entries in QuickBooks. 

 

If you're using QuickBooks Self-Employed, we could tag Annual Investment Allowance under Business Expenses to show it under Allowable Expenses.

 

Although for transparency, we don't have a category that allows us to specifically tag Annual Investment Allowance entries in this platform. 

 

Check out this guide if you need help managing your expenses in the platform: Allowable and disallowable expenses explained. 

 

So, as JohnC discussed, categorising Annual Investment Allowance requires an accountant. They can guide us on how to account for these specific entries, and ensure your tax forms are correct. 

 

They'll also help you handle those entries if you're using QuickBooks Online. 

 

Just to reiterate, let's look for a qualified accountant here: https://quickbooks.intuit.com/uk/find-an-accountant/.

 

Also, an accountant user might chime in this thread to share their insights and expertise about categorising Annual Investment Allowance in Self-Employed or QuickBooks Online. 

 

Do you need a guide or two about running reports or managing your self-assessment taxes? I'll share these articles with you: 

 

 

Do you have any other concerns about your self-assessment taxes? Or would you like some assistance in recording other entries? Let me know and I'll share the details with you. 

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EdS88
November 20, 2023

Capital allowances (of which AIA is one type) is not something that gets recorded in the books of a business.  It is a supplementary set of calculations on assets and writing them off that are done outside of the books.  One records the purchase and depreciation and sale of assets in the books but when the adjustment calculation from net profit for the year to taxable income for the year is performed "depreciation" and "profit/loss on sale of assets" are removed or added back from net profit (depending on how they affected the profit).  Capital allowances are then entered in the tax return to deal with the cost of assets.

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