We are purchasing a used forklift.
As the value falls well within the annual investment allowance we can record its cost as an expense for tax purposes. My question is, as it's an expense, does that mean it does not go on the balance sheet as an asset (machinery and plant)?
Hello V Andrews 205, thanks for posting on this post, so if you purchase an asset and you use an expense, using an asset account then it will show on the balance sheet. We are not trained accountants just technical support so you should speak to your accountant or there maybe accountants using the community that'll be able to provided you with the correct advise.
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