Accounts for Limited company with rental income only
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Ellabobbin
Registered Posts: 92 Epic contributor 🐘
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
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
0
Comments
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@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.0 -
Are you using FRS102 or 105? And why did you choose that particular standard?0
