Help · Tax and compliance
Capital allowances in SwiftlyBooks
A tax year's capital allowances, asset by asset, for the income tax return. They are never posted.
Use it
- Choose the tax year at the top right. Tax years are your financial years, named by the year they end in.
- Check each asset's allowance, and its tax value at the start and end of the year.
- Press Download for the schedule your income tax return needs.
Where the figures come from
- Each asset has a Tax class, chosen when it is put to use, or with Change on the asset.
- An asset with no tax class, such as land, has no allowance.
- In Zimbabwe:An asset can claim the special initial allowance instead of wear and tear: tick Claims the special initial allowance on it.
- In Zimbabwe:Selling an asset shows its recoupment or scrapping allowance.
- In Zambia:Selling an asset shows its balancing charge or balancing allowance.
Good to know
- In Zimbabwe:Furniture, computers and light motor vehicles give wear and tear. Heavy vehicles, plant and buildings give no allowance yet, and show no rate.
- In Zimbabwe:The special initial allowance is 25% of cost a year for four years, or 50%, 25% and 25% where Settings say the company is a small or medium enterprise or a licensed investor.
- The allowances sit beside the books: nothing here is posted.
Related
The same help is in the app: press the ? at the top of any page.