Revaluations on Balance Sheet

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
I just can't think today: If a client has had his properties revalued, do I use the valuation on the Balance Sheet and if so, how do I make it balance? Please help.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Revaluations on Balance Sheet

    If your client has decided to go down the revaluation route, with all the aggravation that entails, credit the increase in value to the revaluation reserve in the balance sheet.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Revaluations on Balance Sheet

    OK and then where would I put the revaluation reserve on the Tax Return Balance Sheet?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Revaluations on Balance Sheet

    Is this a sole-trader then?

    If so, any sign of complication and I probably wouldn't even bother putting the balance sheet on the tax return!

    No real place for it, capital introduced perhaps..
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Revaluations on Balance Sheet

    Thanks. Yes it does seem to be complicated. It is a partnership, so I think I do need to complete a Balance Sheet. I will try to make things balance using capital introduced. Thanks for your help.

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