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.
- QuickBooks, Xero, FreeAgent and ClearBooks 808 17
- Rental Income Tax Planning 182 3
- Vat 51 2
- Auto-Enrolment 3,786 184
- Method for filing 2013/14 payroll? 98 2
- Partially exempt? 193 6
- VAT on imports and the Flat Rate Scheme for VAT 115 4
- Incorporation Relief 101 2
- First VAT Visit for client 101 2
- Accounting Practice acting as an employment agency 229 11
- Twenty signs your practice is bad at tax 570 6
- capital gains on PPR 1,428 21
- cost of moving out for a few weeks 301 9
- Tax question about small group and how to set up 231 14
- What type of Trust? 144 3
- What is 'an asset' for A/A+B CGT? 135 5
- OBK 598 19
- Instant CPD offer 153 2
- Dividend in specie 149 2
- Investor exit 110 2
- Skandia using wrong address 469
- Does anyone use PS Financials accounting software out there? 270
- FHL, period of grace and Entrepreneur's relief 264
- Employee rewards 256
- Legislation access for part-time sole practitioner? 216
- Rental Property W&T And Equipment 209
- EPS Analysis - Change to EURO 209
- Gift of reversion and lease into trust by two different people - later PPR 193
- Etax Australian 165
- Annual Management Charge Rebates and Self Assessment Tax Return 155