I am used to doing my own accounts and I’m looking for a introductory guide to accounting (limited company) for a buy to let portfolio, but I am struggling to find one.
I thought there would be lots of guidance with example charts of accounts, sample P&L and Balance Sheet layouts and a list of the common daily and year-end transactions and how to post them.
I have been running ltd companies for many years, so know the basics, but wanted some re-assurance on the more property specific elements. For example, after a couple of years the portfolio is re-valued and the capital value has increased. How is the increase best reflected in the accounts?
I like to be informed and knowledgeable before I meet my accountants.
Replies (4)
Please login or register to join the discussion.
This is silly. You are going to meet your accountants and you have questions on the rules about how limited companies account for property revaluations etc.
The only answer you will get on here are that these are questions you should ask your accountants when you see them. That is what they are for.
You can do management accounts however you want, though your accountants should be able to help you and stop you making unexpected errors
Statutory accounts presentation of investment property is covered in s16 of FRS102, but be aware that this is a small part of a much larger picture. Again your accountants will be able to help
And the individual may not want to use FRS102 but FRS105 instead, one of the conversations to have with the accountants as each has pluses and minuses.