VT Query - Ref: Profit/Loss on disposal of fixed assets

KaelaH
KaelaH FMAAT, AAT Licensed Accountant Posts: 131 ? ? ?
I am having a problem with my VT final accounts software, in particular with the treatment of the profit/loss on disposal of fixed assets.

If you also use VT, and can spare a couple of minutes, I wonder if you could help me with this one....

The problem I'm having is that a client has made a profit on disposal of a fixed asset. It is showing ok in the accounts but not going through as a deduction on the tax computation.

I have traced back the the TaxComp page, where it should be showing in H16 (Depreciation, amortisation and (profit)/loss on sale of assets) to the TaxCompData page G22
This traces back to Notes page G44 (Depreciation of owned fixed assets), G45 (Depreciation of assets held under finance leases & HP) & G46 (Amortisation of goodwill)
These again trace back to Data page G47 (Depreciation of owned fixed assets), G48 (Depreciation of assets held under finance leases & HP) & G49 (Amortisation of goodwill)
The depreciation of owned fixed assets G47 traces back to Notes I106 - (Depreciation line in Tangible Asset breakdown) - G48 (Depreciation of assets held under finance leases & HP)

The Depreciation on owned fixed assets line pulls directly from Depreciation charge on Tangible Asset breakdown, which pulls directly from TB, therefore cannot be amended.
If I manually enter the amount into the Depreciation of assets held under finance leases & HP this amount appears in the notes on the accounts therefore is showing incorrectly.
Am i missing something? Why isn't there a line for Profit / Loss on disposal to adjust computation correctly?

Is the best thing to just adjust the tax comp manually?

Comments

  • KaelaH
    KaelaH FMAAT, AAT Licensed Accountant Posts: 131 ? ? ?
    OK, problem solved. Just opened a new workbook for another reason and imported balances only to find that there has obviously been a fix in the latest update :001_smile:
    All sorted
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