Business Tax - Asset Full Expensing 100% FYA
Article ID
business-tax-asset-full-expensing-100-fya
Article Name
Business Tax - Asset Full Expensing 100% FYA
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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