Advice needed re properties
I've taken on a new client, limited company, who is buying, renovating and selling domestic properties. He is also renting out one of the properties he has bought. I have split out the capital renovation costs from general maintenance but when I go to create Tax Return in TaxCal, it is taxing him on property rental income and not offsetting the expenditure, which doesn't seem right. Can anyone offer any advise or suggestions on this please
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Comments
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The Capital expenses will not be offset against the rental income but the Revenue expenses should, I do not use Taxcalc so not sure of the layout but with most software the rental expenses should be input on the same page as the rental income leaving only the profit to show on the tax calculations.0
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