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Non Resident Property Company Accounts

Accounts iXBRL tagging

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Hi There,

We have just taken on a new client – a non resident property company. The company owns a UK property and the non resident director has been filing the P&L summary on SA700 for the years up to 2019/20. Changes to taxation meant that from 2020/21, the company has to file CT600 instead and indeed a notification has been received from HMRC to file a CT600 for 2020/21. The past accounts provided to us were just Profit and Loss summaries. There were no Balance Sheets prepared.

In order to prepare a set of Company’s Accounts for 2020/21, I’m assuming we have to prepare the accounts together with a Balance Sheet. This meant that we have to build up a balance sheet. The main item in the balance sheet is the Property - however, the director could not find the completion statement of the original purchase.

My question is – do we have to prepare a balance sheet? Or will a detailed Profit and Loss account suffice in order to file the CT600. If so, do we just untag the iXBRL items in the balance sheet and submit? We are using VT Software for this purpose.

Your help in this matter would he greatly appreciated.

James

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By AIMCON
21st Dec 2021 20:07

Thank you Justin.
Unfortunately I do not subscribe to Taxation.
However, it seems like it may be okay to simple file a Profit & Loss Statement without a Balance Sheet.
I will see if the Tax Return Program will allow me to file without attaching the iXBRL Accounts. I will attach the Profit and Loss summary as a PDF instead.

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Replying to AIMCON:
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By Justin Bryant
22nd Dec 2021 11:30

I would be surprised if that's sufficient. PDF local accounts should hopefully be OK.

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