Hello, please, can you advise what would be journal entry for depreciation of asset (laptop for £300) at 100% in first year? (which accounts exactly and on what side) Thank you
Why do you want to do that? How you record depreciation of assets in your books and how you claim capital allowances for them on your tax return are two separate things - even if you’re claiming the 100% AIA on your tax return you would still depreciate the asset over a number of years in QuickFile.
(disclaimer - I’m not an accountant, I’m just passing on what my accountant told me when I was in the same situation)
I just thought this would be easiest way to see what I already claimed towards AIA.
Or you can have policy to capitalize assets valued over £500 at least, if so then £300 can be written off. You can pick depreciation policy and rate for a class of assets , in this case equipment and apply on all for consistency unless exceptional circumstances prevail for one particular asset
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