Treatment of expenses incurred by trustees
A UK IIP Trust receives rental income and in addition to normal expenses of a rental business has incurred professional fees in respect of the first lease of a property for more than 12 months (not allowable).
How are these expenses treated in the trust tax computations please? Are they deductible as trust management expenses? In particular, what will appear on the R185?
Suppose taxable rental profit is £3,000 and the disallowed expenses are £2,000. Tax payable by the trustees is £600, so will the R185 show £2,400 or £400 net?
In general, can an R185 certificate show a greater amount than the beneficiary can possibly receive?
I'm going round in circles on this one.
- Childcare vouchers and final month payroll Qs 115 3
- Stopping trading and de-registering for VAT 247 7
- New Email Extensions 113 1
- Disengaging a client who uses our office as a registered office address 863 24
- SA302 189 3
- Amazon Fees, Sage VAT/Tax code T20? 105 1
- Scottish independence - what happens to HMRC? 1,068 56
- Are HMRC cutting out Agents in tax investigations? 259 2
- Dental practice incorpration 118 1
- Audit rules 156 4
- Go Cardless 268 8
- business entertaining deductibility 136 1
- Self assessment tax arrears 158 2
- R & D 107 3
- Shareholder/Directors termination payments 86 1
- Can anybody help withe the RTI end of year process? 173 3
- Payroll software with annual pay period? 160 1
- New Business Registration 221 5
- Hosted email exchange 137 4
- Excel formula for UK corporation tax including losses 155 1
- Xtuple 502
- Qtac payroll for bureau 336
- Confused - Professional Association a Mutual trader, or not? 281
- Industrial & Provident Societies 277
- Mehjoo 221
- Data transfer from Sage Line 50 to VT Transaction+ 218
- New strategic report 173
- Domain name sale and limited company 159
- South African Government Pension 156
- CIS schemes 151