<p>Fixed assets are property or equipment that a company owns, and uses in its day-to-day operations for income generating activities. These include machinery, equipment, buildings and land.</p>
Small Business Accountants
What are Fixed Assets?
Fixed assets are long-term resources a UK business owns and uses for more than one accounting period, such as property, vehicles, equipment, furniture, and certain software. They appear on the balance sheet at cost less accumulated depreciation or amortisation, and are distinct from current assets like cash, stock, and receivables. Fixed asset purchases usually qualify for capital allowances against corporation tax.
