Can anybody point me in the right direction??
Good Monday Morning Everyone,
Could anyone point me in the right direction to find out more about accounting for a speculative property developer?
I just can't find any literature and the FRSSE doesn't help me much thus far either.
For example, the motive is to make a profit from the sale of the eventual properties. Therefore one would assume that the direct costs are not capitalised into an asset. But then the development will incur large losses at the start to be carried forward for when the property is, hopefully, sold. But is this right? I am thinking the capitalised version would be correct. And then, what if a buyer is found and monies are transferred before the property is finished? Would this be deferred income in accordance with accruals? If so, when would it be released?
As you can see, I have a million questions and I am very keen to learn more on this topic so I would sincerely appreciate any guidance or pointers in the right direction. Please no "ask your accountant" responses.
- Auto enrolment confusion 1,959 45
- Love is in the air 165 3
- I am 34 years old, am I too old to start a career in Accounting ? which is the best way to pursue it 1,644 20
- Sage Instant Accounts Complete De-install problem 235 8
- Allegedly ICAS most of us at 50 should pack up - Interesting 331 8
- Reimbursing director travel costs 375 5
- Client Paperwork Retention? 487 11
- Sage 50 VAT Return 121 2
- Interest paid - do new rules affect Tax Credits? 515 1
- Paying Son 623 18
- Pay rise - how to enter in Moneysoft 336 7
- HMRC accounting 248 3
- Employers NI allowance 442 6
- Dividend taxation 255 3
- VAT refund if only output tax on first claim 160 1
- Physiotherapist and vat and agency work ( one for Les Howard???) 177 2
- Tax Overlap Reporting 150 3
- Buy to Let Property! Shell I buy or not? 437 4
- iris update 11.9.2 446 7
- HMRC Discovery powers 273 3
- DTA tie-breaker issue 294
- Tax Implicatins on a Directors Loan 273
- CGT for NOn UK residents 269
- Employer's pension contribution - need to be PAYE registered? 256
- What are the tax implications of overseas sales through a UK based company? 242
- Apprenticeship Levy 231
- profit or loss on furnishings and deed of trust 229
- Capital Gains personal representatives 215
- Tenants in Common - Actual % split not written down 208
- Mandating Rental income or dividend income to a company 186