Introduction to this document

Fixed asset register

Capital expenditure for accounting purposes doesnt always qualify for capital allowances (CAs) purposes. Use our fixed asset register to keep a record of purchases so that you and your accountant can review them each year.


The question of whether or not to claim CAs is made more difficult because of the difference between accounting and tax rules. While your bookkeeper or accountant may record an expense in the business’s records as “capital” because that’s what the accounting rules require, the tax rules mean that it might not qualify for CAs. This could result in missing out on a tax deduction, claiming one where it’s not due or indefinitely delaying tax relief.

Unless your business rarely incurs capital expenditure or its insignificant, it’s good practice to keep a Fixed Asset Register. This can help you or your bookkeeper to identify and keep track of exactly what has been recorded as capital in your business records and ensure CAs are claimed where they can be.