Accounts for Limited company with rental income only

EllabobbinEllabobbin Feels At HomeRegistered Posts: 92
Hello

I hope everyoone survived January!

I have a Limited company client who only has rental income.

I am completely comfortable with the tax treatment of the income (and where to pop the entries in the CT600). I have made the appropriate adjustments for the investment properties in line with the accounting standards. I have a balance sheet which I am happy with but how the P&L should look is causing me some concern.

Is anyone able to share how they would present this in the accounts - would you show the net income in 'other income' as rental income or would you show the income and then expenditure as you would for a trading company?

A template would be amazing :-)

Very grateful for any comments

Ellabobbin

Comments

  • NorvydasNorvydas DevonMAAT Posts: 229
    edited February 1
    @Ellabobbin

    You would show rent income as you would for normal trading company. Of course your sales would be Rent Income, and then expenditure as normal.

    I.e.

    Income;

    Rent Received

    Expenditure;

    R&R
    Rent&Rates
    Etc etc..
    Kind Regards,

    Norvydas Valavicius.
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,017
    Are you using FRS102 or 105? And why did you choose that particular standard?
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