Yes, I get the election. I'm reading it as applying to a specific asset not a group of assets. So in theory the client could have some assets on an amortised basis and claim capital allowances on others.
The legislation refers to Intangible Fixed Assets CTA2009 Part 8 , with the election being s815.
Perhaps the question could be clarified as:
The client has disposed of an existing asset, which was being amortised (default method). They have acquired a new asset in the same accounting period. Does the client have to continue to use the amortisation method or can they make the s815 election on the new asset?
I'm interpreting it that the election relates to the asset and not the class of assets but my colleague disagrees.
If it's anything like mine they refuse to talk to you because you don't have authorisation for the mystery client. Despite the fact you have all their private details in front of you courtesy of HMRC!
I was told to send it back to them but that's time and cost for me for their error.
Just had a further Class 1A payment slip. Headed to the same client as before but this time with a different second company's details!
What is going on?!?!?
There are often items in the P & L that relate to capital matters and are disallowed in the CT computations. BIM46025 does seem to indicate not deductible.
No dispute about running costs or contributions though.
My answers
Hi
Yes, I get the election. I'm reading it as applying to a specific asset not a group of assets. So in theory the client could have some assets on an amortised basis and claim capital allowances on others.
Thank you all for your input
The legislation refers to Intangible Fixed Assets CTA2009 Part 8 , with the election being s815.
Perhaps the question could be clarified as:
The client has disposed of an existing asset, which was being amortised (default method). They have acquired a new asset in the same accounting period. Does the client have to continue to use the amortisation method or can they make the s815 election on the new asset?
I'm interpreting it that the election relates to the asset and not the class of assets but my colleague disagrees.
Hi
Intangible Fixed Asset - sorry for using jargon!
Thank you all. Phone call to Alphatax required methinks!
Thank you so much - I'm trying to check whether my clients payment has appeared yet. This was a godsend. Forwarding to my colleagues!
Yes, but we disagree on interpretation.
If it's anything like mine they refuse to talk to you because you don't have authorisation for the mystery client. Despite the fact you have all their private details in front of you courtesy of HMRC!
I was told to send it back to them but that's time and cost for me for their error.
Just had a further Class 1A payment slip. Headed to the same client as before but this time with a different second company's details!
What is going on?!?!?
Thanks to everyone. At least that little alarm bell was worth listening to - it's a £950 set up fee!
There are often items in the P & L that relate to capital matters and are disallowed in the CT computations. BIM46025 does seem to indicate not deductible.
No dispute about running costs or contributions though.