A fixed asset register is a record of all the fixed assets that a company owns. An asset can include equipment, land or even trademarks or copyrights. It is a legal requirement that all limited companies keep a record of fixed assets.
The assets include buildings, equipment, vehicles, and fixtures and fittings.
What records do I need to keep?
The fixed asset register should be broken down into the different types of asset and will need to include the following information:
- Purchase date
- Purchase price
- Location of the asset
It is also useful to keep the following information:
- Serial number
- Asset number if used
There may also be other information on the register, which you may find useful for your company.
You will need to add or remove and assets which have either been purchased or removed during the year. This includes assets which are broken, removed from the company or sold.
It is useful to keep a copy of any invoices with the fixed asset register; this will make it easier for the accountant at the year-end.
The register can also be used for completing your insurance form as a copy can be attached to your application.
Return from Fixed asset register to fixed asset page.