Question regarding Annual Investment Allowance (AIA)

*In*need*of*advice*

Hopefully someone can help me out with what I think is probably an easy question!


I am doing my 2013-2014 partnership accounts.


In my accounts for 2012-2013 I entered a figure of £700 in box 3.13a (AIA) which was a laptop I purchased for business use.


This year I sold the laptop for £400 (and did NOT replace it). I know that in Box 3.13a (AIA) I put £0 for this year as I have purchased no other assets, but where on the form do I enter the £400 that I sold the laptop for. Or does it just get 'included' in my total profits (Box 3.24)?.


Thanks in advance

purdyoaten

*In*need*of*advice* wrote: »

Hopefully someone can help me out with what I think is probably an easy question!


I am doing my 2013-2014 partnership accounts.


In my accounts for 2012-2013 I entered a figure of £700 in box 3.13a (AIA) which was a laptop I purchased for business use.


This year I sold the laptop for £400 (and did NOT replace it). I know that in Box 3.13a (AIA) I put £0 for this year as I have purchased no other assets, but where on the form do I enter the £400 that I sold the laptop for. Or does it just get 'included' in my total profits (Box 3.24)?.


Thanks in advance

In the balancing charge box - Read box 3.13A where it says to enter this in 3.17.

http://www.hmrc.gov.uk/forms/sa800.pdf

*In*need*of*advice*

purdyoaten wrote: »

In the balancing charge box - Read box 3.13A where it says to enter this in 3.17.

http://www.hmrc.gov.uk/forms/sa800.pdf

Thank you! I did see that sentence in brackets in green but it confused me as I thought that box 3.17 was something to do with a balancing charge for whatever was in box 3.16..??

purdyoaten

*In*need*of*advice* wrote: »

Thank you! I did see that sentence in brackets in green but it confused me as I thought that box 3.17 was something to do with a balancing charge for whatever was in box 3.16..??

Understandable -but I suppose that is is difficult to have a 100& balancing charge.

*In*need*of*advice*

That went over my head - Just getting to grips with self assessment...LOL...


By the time I get my head around this I will probably be retiring!


I understand that I have to keep a spreadsheet covering my asset 'pool' .. (which as it stands is £0 ..LOL) but I intend to invest in further equipment this tax year...Is there any standard format that my records should take, or can you suggest a spreadsheet that I could download?