This section describes how to create land and property assets and detail the expenditure for each property as required.
This is only relevant where the client record contains either:
- UK property business or
- Foreign property business
Land and Property
The Land and Property screen comprises of two elements. The data is input at the top of the screen
The choice of the report and data entries are shown at the bottom of the screen
The choice of the Type of property income determines whether any losses made from the particular property are subject to restrictions for their relief. The default entry is for no Type is shown. If the default choice of type is changed to Non Commercial. Furnished Holiday Letting or Other Loss Restricted then an additional screen within Tax Planning for Restricted Loss will appear.
Land and property details
Navigate to Property business name > Land and property
Input the required data.
If an anlysis of the details of the expenditure are required, click the Details link to the right of the row.
A dialogue box is displayed.
Enter all the relevant expenses and click on OK.
The Per accounts value of the expenses will populate the 'Expenses' field in the Land and Property grid for the relevant property.
It is not necessary to analyse the expenditure for all properties.
The total of the expenses entered into the Details window will over-write any values manually entered into the 'Expenses' field in the main Land and property summary grid.
If the choice is made to Prepare Rental income and expenses report and not Adjusted trade report then the usual adjusted trade profit report will not be prepared. A separate report will be prepared. If this choice is made then the Primary Trade Box will be removed for the Property Trade. A message will appear if this box is ticked requesting confirmation the Primary Trade tick will be removed. This report cannot be produced if the Property Income is selected as the Primary Trade.
If the Populate the Profit/(loss) before tax per accounts is left unticked then you are able to manually enter a figure in the Summary screen for the Profit/(loss) before tax per accounts. If the box is ticked then the total of the Net profit/(loss) will populate this entry.