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The Tangible fixed asset summary template brings together the company's tangible fixed assets and how they are treated for tax. It reconciles the depreciation, impairment and revaluation charged in the accounts, summarises assets by their tax treatment (for example those qualifying for structures and buildings allowance and those in the capital allowance pools), and identifies non-qualifying assets.

Table of contents 

When should I use this template?

Use it as the hub for tangible fixed assets in the computation. It pulls together the additions and disposals recorded elsewhere and shows, by tax treatment, how each category of asset is dealt with — so you can see the whole tangible fixed asset position in one place.

Before you start

Make sure the following are in place first, as this template summarises and reconciles figures held elsewhere:

  • A business type must be selected in the Business type section of the Return information template. If none is selected, the template shows a warning and cannot calculate.
  • Complete the Total fixed asset additions and Tangible fixed asset disposals templates, and analyse depreciation, impairment and revaluation in the Profit and loss / OCI analysis.

What does the summary show?

The template is built from several views of the tangible fixed assets:

  • Net book value – reconciling the depreciation, impairment and revaluation charged in the accounts.
  • Tax written-down value – for assets analysed under specific tax treatments, such as structures and buildings allowance and the capital allowance pools.
  • Non-qualifying assets – assets that do not qualify for capital allowances.

The depreciation / impairment charged in the accounts is reconciled against the P&L / OCI analysis, and Silverfin flags any difference so the summary agrees to the accounts.

Where does the data come from?

The Tangible fixed asset summary is assembled from other templates:

  • Additions from Total fixed asset additions and disposals from Tangible fixed asset disposals (which themselves draw on the Fixed Assets Register).
  • The structures and buildings allowance figures from the SBA template.
  • The depreciation, impairment and revaluation charged in the accounts, from the Profit and loss / OCI analysis (and Additional analysis).
  • Rates from Rates and allowances.

It reconciles the depreciation / impairment to the P&L / OCI analysis and feeds the capital allowances position and the tax computation.

What flows through to the rest of Corporation Tax?

The summary ties the tangible fixed asset figures to the capital allowances templates (for example the SBA template and the pools) and to the tax computation. Because depreciation, impairment and revaluation are not allowable, the summary supports the add-backs and the capital allowances given in their place.

Frequently asked questions

Where do the figures come from?

From the Total fixed asset additions and Tangible fixed asset disposals templates and the depreciation / impairment / revaluation analysed in the Profit and loss / OCI analysis.

Why is there an unreconciled difference?

The summary reconciles depreciation and impairment to the P&L / OCI analysis. A difference means the two do not agree — check the tax treatments applied to the relevant accounts.

What are non-qualifying assets?

Tangible assets that do not qualify for capital allowances. They are shown separately so the qualifying and non-qualifying positions are clear.

This article relates to the Tangible fixed asset summary template in the UK Corporation Tax workflow. It is provided as guidance and does not constitute tax advice.