Short life asset election

[sgrimshaw]

"Physically" how do you elect for certain assets to be classed as Short Life?

Is there a form, or do you just write to the Revenue.

[Eric Mc]

I replied to this but nothing showed up.

Short Life Assets is a heading relating to the type of Capital Allowances you want to claim on the asset. All you need to do is recategorise the asset you want to classify as a "Short Life Asset" in the Capital Allowance Computation and include it as such in the calculations. The submission of the computation is the "election" for a Short Life Asset claim. No other "permission" is required.

It is purely a tax treatment issue and it has no bearing on how the asset has been handled in the business accounts.

[sgrimshaw]

Thanks Eric.

Our only assets are a couple of laptops, and there's no way that they last 3 years, let alone 5.