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.
- Do I walk away from these accounts? 795 16
- Cloud accounting package 117 1
- Incorporation after the start of trading 993 39
- Setting up offshore to avoid paying VAT 484 15
- Legal structure of a group of friends producing a free newspaper 255 6
- Offshore company (Guernsey / Isle of Man) 152 3
- PAYE – Directors NI 238 6
- Next Move 332 12
- Ltd Co and 'grant' income 394 7
- when to file SA return if closed SA in the middle of the year 183 4
- S445 tax V's new dividend tax 232 3
- Large PAYE tax refund to Employee 336 3
- Personal Tax Accounts. Are we all doomed. 700 10
- Accounts treatment of assets at cessation date 280 10
- Seeking advice: Vehicle usage 163 3
- Accountant won't release working papers 2,236 34
- Casual Driver 254 4
- Self Assessment Software 632 20
- Furnished Lettings - expenses normally bourne by tenant 345 7
- How does HMRC give tax relief to Muslims for borrowing costs? 1,264 10
- Self employed and HMRC Worldwide Subsistence Rates 630
- Acrobat Checkbox Help for New 64-8 394
- VAT on Export Outside EU and Conditional Sale 394
- Property letting & CAs 376
- 2015 tax year end 372
- Interest paid - do new rules affect Tax Credits? 372
- FCA regulated company in a small group 335
- What's happened to Smith's Taxation 231
- MLR and benefitting from the disclosure 224
- Market Invoice (P2P invoice discounting) tax treatment 219