| User Roles | ✗Pulse user |
To effectively utilise the Annual Investment Allowance (AIA) within Silverfin for fixed asset additions, follow these steps:
Select Tax Treatment
- Begin by selecting the appropriate tax treatment or pool for the assets in the 'Total Fixed Asset Additions' template.
Navigate to Related Schedules & enter AIA Amounts
- After assigning the tax treatment/pool and reconciling the relevant schedules (e.g. Short-life assets summary in the above example), you should navigate to the 'Tangible fixed assets summary' schedule and enter the AIA amounts against each pool. All the AIA amounts will be summed and the total will be shown at the bottom of the tax written down value table.
- Note: For short-life assets, you need to enter the AIA amount in the Short-life assets summary schedule.The value will then flow into the 'Tangible fixed asset summary' schedule.
- You can also see the final AIA adjustment value in the summary of adjustments table at the bottom of the 'Tangible fixed assets summary' schedule.
Validation Check
- Ensure that the total amount of AIA does not exceed the available AIA. If it does, a validation error will occur (see screenshot below). The available AIA amount can be verified in the 'Rates and Allowances' template.
