Short life assets (SLA)

Londina
Londina Registered Posts: 814 Epic contributor 🐘
in AAT Level 4 (Level 8 in Scotland)
Doesn anybody knows when SLA are available for AIA and not?

thanks!

Comments

  • lala2009
    lala2009 Registered Posts: 95 Regular contributor ⭐
    Hiya

    As far as I'm aware they are not available for AIA as they go straight into the SLA pool :)
  • Londina
    Londina Registered Posts: 814 Epic contributor 🐘
    lala2009 wrote: »
    Hiya

    As far as I'm aware they are not available for AIA as they go straight into the SLA pool :)

    But I know they are available if the business choose to put into the general pool! I think if it's not stated otherwise, I will think without AIA so!
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    Normally with SLA they are brought forward from a previous CAP so I always put them through the pool, good queston though.

    I have just read my book and they can be claimed under AIA
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    *only if they are acquired in the new CAP
  • lala2009
    lala2009 Registered Posts: 95 Regular contributor ⭐
    Thanks Beck! So they can be claimed under AIA unless they are brought forward from a previous period - is that right? :)
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    Spot on - I looked this up so I'm 100% certain :)
  • lala2009
    lala2009 Registered Posts: 95 Regular contributor ⭐
    fab, thank you! :)
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    Your welcome!!
  • Londina
    Londina Registered Posts: 814 Epic contributor 🐘
    lala2009 wrote: »
    Thanks Beck! So they can be claimed under AIA unless they are brought forward from a previous period - is that right? :)

    I think it's the other way round! I have an example in dec 2008 exams (updated to FA2008) with SLA it was an addition to the current year and no AIA was charged!
  • lala2009
    lala2009 Registered Posts: 95 Regular contributor ⭐
    Oh nooooo!!! Were there other acquistions? Maybe collectively they were above the 50K limit so it had to be put in a separate pool? Confused now haha!
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    But am I right in saying in past exams AIA wasn't brought out??????
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    Lala read the bottom of osborne book 3.10 to clarify...
  • Londina
    Londina Registered Posts: 814 Epic contributor 🐘
    From Chief Assessor’s report Dec-2008

    For the short life assets, these need to be kept in a separate pool until such time as the asset is sold, or the time period for being classified as a SLA has elapsed, and then the written down balance is moved into the general pool. Candidates would still produce a total capital allowance of £174,076 if the SLA was handled in the general pool, but would lose marks for the incorrect treatment.

Categories

Privacy Policy