Capital assets

Capital asset essentials

• Capital assets in FreeAgent
• How to use FreeAgent’s capital allowances calculation

Capital asset purchases

• Record the purchase of a capital asset when using accruals basis accounting
• Record the purchase of a capital asset when using cash basis accounting
• Record the purchase of a capital asset using multiple transactions
• Record the purchase of multiple capital assets with one bank transaction if you’re on the VAT Flat Rate Scheme
• Record the purchase of a capital asset for business and personal use
• Recording the purchase of a property by your business

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Capital assets bought on hire purchase

• Record an asset bought on hire purchase when using accruals basis accounting
• Record an asset bought on hire purchase when using cash basis accounting
• Record an asset bought on hire purchase using part exchange (old asset included in capital asset register)
• Record an asset bought on hire purchase using part exchange (old asset not included in capital asset register)

Disposing of a capital asset

• Sell a capital asset when using accruals basis accounting
• Sell a capital asset when using cash basis accounting
• Create a VAT invoice for the disposal of a capital asset
• Scrap a capital asset when using accruals basis accounting
• Scrap a capital asset when using cash basis accounting