in limited company accounts.
I have a new client which operates as a property developer. The properties held for development are treated as stock. The client sometimes receives rental income on some properties and hitherto such rental income has been treated as incidental income on each project and has been included in turnover on the P&L rather than other operating income. On the CT600 the rental income is just included in the overall trading profit or loss, which is obviously incorrect but in actual fact hasn't made any difference to the tax charge.
I think that the correct accounting treatment in the P&L ought to be as other operating income, buit my brain is so frazzled from four hours spent trying to get the company and the comparatives figures set up correctly in IRIS iXBRL that I am having difficulty thinking straight!
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What is the question?
"Incidental" does not make it any the less "Rental income", just as "Casual" labour does not make it any the less "Wages". Rental income should be coded to Rents received (code 89 in IRIS AP) and it will then be reported under Other Operating Income (the iXBRL tagging is automatic) and will appear correctly on the CT600. To get the accounts straight, you should re-post last year as well.
How on earth you can spend 4 hours setting up the iXBRL in IRIS is a mystery.