Business Tax - Asset Full Expensing 100% FYA

Article ID

business-tax-asset-full-expensing-100-fya

Article Name

Created Date

1st November 2023

Product

IRIS Business Tax

Problem

IRIS Business Tax - Asset Full Expensing 100% FYA

Resolution

Full Expensing – It was recently announced by the government that from April 2023 until the end of March 2026 companies can now benefit from full expensing, which offers 100% FYA on new main rate plant & machinery and 50% FYA for new special rate assets. IRIS Business Tax has been updated to easily identify the assets under the corresponding relief claim from which the software will automatically calculate, track and report on the necessary supporting documentation.

Date of Purchase – 100% FYA is date restricted – the option to tick this will not appear if before 01/05/2023 (if before the date then the boxes will vanish)

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