I have a couple of invoices which are quite high and and for supply of pipework/installation of sinks/disabled toilet and to pipe up a new water heater - for a restaurant, which took over a small retail unit (Change of use) Should I be placing these in fixed assets? If so where? Can I set up premises improvements in the 'property' nominal code area?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thinking back to books etc, these sorts of things are covered under capital expenses so you should be able to record them as fixed assets. Unless anyone else knows otherwise?
Going off completely at an angle here but whilst this expenditure is capital is it worth mentioning that the expenditure would be special rate pool for capital allowances?
Just thinking ahead there to the tax return (unless all covered by AIA)
Also, if your AIA goes over the limit you will be wanting to allocate the AIA to the special rate pool first.
all the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
