I am preparing accounts for a limited company that acquired the freehold to a property. But I am unsure how I should word the turnover a/c policy.
There is no ground rent to be paid and on the completion of the enfranchisement of the freehold two 999 year leases will have been granted at peppercorn rent.
No service charges income (or costs for that matter) will go through the company's books as these will be handled separately by the freeholders and they will probably prepare separate service charge accounts.
Can the policy simply be "The company has no turnover" and be left at that?
Any advice greatly appreciated.
- How long are you on hold- IRIS Payroll 92 4
- LLP classification of division of profit 177 6
- Scottish independence - what happens to HMRC? 445 23
- Management Buy Out - shares exchanged 309 21
- Is an IPDI passed to wife on death exempt from IHT 90 1
- Excessive Security 756 32
- Incorporation Fee - What's Non-deductible? 465 9
- Does practical cloud s/w for high transaction volumes exist? 503 24
- Reduce Rate VAT as a developer 118 2
- Fee protection 319 10
- Go Cardless 103 3
- EIS deferral relief 38 1
- Looking for free PDF creator 1,266 41
- Bringing money to Uk 100 1
- How will auto enrolment affect accountants? 1,053 31
- Why will HMRC not code out my client's £1,730 underpayment for 12/13 205 3
- VAT Inspection 103 2
- VAT on commission from Oyster card top up, lottery & paypoint 188 1
- Is it just me 225 6
- VAT Bad Debt Relief 220 12
- Xtuple 485
- Qtac payroll for bureau 325
- Confused - Professional Association a Mutual trader, or not? 271
- Industrial & Provident Societies 264
- Mehjoo 207
- Data transfer from Sage Line 50 to VT Transaction+ 207
- New strategic report 161
- Domain name sale and limited company 144
- South African Government Pension 141
- CIS schemes 139