When I comes to my annual Tax Returns I claim 100% AIA on the appropriate items - no problem.
I have never completed and submitted a Balance Sheet as I am not required to do so because I am a Partnership.
I calculate my Capital Allowances due on a simple spreadsheet.
The spreadsheet shows the year on year reduction in the asset values of the 2 cars used for business purposes - no problem.
To date I have assumed that every year, the 100% AIA claimed = 100% reduction in the AIA Asset Value, i.e. £0.
My understanding is that I need to retain the AIA Assets in the 'Balance Sheet', at £0 asset value, just in case I sell some of them, in which case I would have to pay a Balancing Charge?
But now I am wondering: am I doing this right? and, this doesn't seem to accurately reflect the value of my assets?
I have been buying AIA Assets every year, but according to my ''Balance Sheet' they are £0 value?
I'm confused, can someone explain?
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