Vehicles, equipment, furniture and computers are often a significant part of what a business owns. A properly maintained fixed asset register shows exactly what you own, where it is and what it is worth – and it is the basis for depreciation in your financial statements and wear-and-tear allowances for tax.
What’s included
- Compiling a fixed asset register from your records and invoices
- Recording asset details such as description, cost, acquisition date, location and useful life
- Recording additions, disposals and transfers during the year
- Depreciation schedules for your annual financial statements
- Wear-and-tear (capital allowance) schedules for your tax return
- Reconciling the register to your general ledger
Who it’s for
Businesses with vehicles, equipment or other assets that need accurate records for their financial statements, tax returns, insurance or funding applications.
How it helps your business
- Correct depreciation and tax allowances – no missed deductions
- Better control over company assets
- Reliable information for insurance and funding purposes