Property

Property income

Business Tax automatically considers any income in account 53 on the IRIS chart or account 89 on the ELTD chart to be Property  income. If rental income has been posted into a different account in Accounts Production it is possible for Business Tax to pick up that alternative account for your client by making changes in the Set up option.

Property income - long periods

If the company's accounting period is longer than a year Business Tax time apportions the income and expenses between the CTAPs.
 

Property  expenses

Expenses are introduced into the Property computation by making postings using the Property expenses option.

Property losses

To access this screen go to Data Entry | Calculation | Deductions and Reliefs and click Property.

Property letting company

Where a limited company's main trade is from a property letting company, Business Tax includes new functionality that allows the income and expenses to be treated as property income / expenses.

To enable this feature select Client | View and check the Property letting company box.