Sole practitioner for 25 years and now in an LLP with my daughter. I am a FCPAA and my daughter is AAT. We have a client base of around 300 clients from sub contractors to £1m turnover retail businesses.
This does obviously affect how the accounts are presented. The properties are registered to the LLP and every property has been added to the business assets in the year of purchase. Depending on how the proceeds of the sale are treated, either income or disposal, will determine how both the SA800 and partners SA returns are completed.
This is my dilemma. The LLP has purchased 12 properties, mostly shops and offices, over a period of 7 years. Everything has been rented out since then. this is the first year that a sale has been recorded. How do you determine 'intent of trade'? Looking at the overall business I am minded to take the view that the main intent is letting.
No and this is my dilemma. The LLP has purchased 12 properties, mostly shops and offices, over a period of 7 years. Everything has been rented out since then. this is the first year that a sale has been recorded. How do you determine 'intent of trade'? Looking at the overall business I am minded to take the view that the main intent is letting.
My answers
It's a US Company and my client doesn't have the information required to calculate the cost.
I am preparing the accounts.......
This does obviously affect how the accounts are presented. The properties are registered to the LLP and every property has been added to the business assets in the year of purchase. Depending on how the proceeds of the sale are treated, either income or disposal, will determine how both the SA800 and partners SA returns are completed.
This is my dilemma. The LLP has purchased 12 properties, mostly shops and offices, over a period of 7 years. Everything has been rented out since then. this is the first year that a sale has been recorded. How do you determine 'intent of trade'? Looking at the overall business I am minded to take the view that the main intent is letting.
No and this is my dilemma. The LLP has purchased 12 properties, mostly shops and offices, over a period of 7 years. Everything has been rented out since then. this is the first year that a sale has been recorded. How do you determine 'intent of trade'? Looking at the overall business I am minded to take the view that the main intent is letting.
I think I've found the answer - its an LLP so the gain will need to be shown on each partners tax return.
Thanks for your earlier reply.
We already know the gain - so no. My question is purely in respect of completing the tax return.
Thank you.
I'm not sure about the VISA but will ask him and no there was no pre-US immigration planning as we were not aware he was moving.
No, the Company he is working for is providing accountancy services for him.