Short life asset election
Discussion
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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.
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.
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