I have inherited a new client (Partnership). They own a large office building which they use one floor for their business (Printing) and rent out the remaing floors. Rental Income amounts to approx £80k per annum. The previous accountants have included this as trade income. As the renting is not a temporary let of surplus space but an ongoing arrangement I believe this should be taxed as Property Income. Would others agree?
09th Jan 2012 14:10