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Posted Wed, 01 May 2024 13:50:21 GMT by Nadia Rayner
Hello I've recently taken over the accounts of a small Ltd Company who has 2 rental properties (no other trade). The previous accountants were including the income as turnover (box 145) on the CT600 however my understanding is that the income should go in Box 190 (Income from a Property Business). The issue I'm having is the software I'm using doesn't have a dedicated Property Page so is showing the expenses as a Trading Loss and netting off against the Property Income. The amount of tax looks correct but I would like to know if there are any implications of submitting the figures this way on the CT600. Thanks
Posted Mon, 13 May 2024 10:36:28 GMT by HMRC Admin 5 Response
Hi

As property expenses are not trading losses this proposal is incorrect.  
You should contact your software provider to see if an enhancement/upgrade for property companies is available, if not you will need to purchase software which allows you to file correctly or engage the services of a third party to file on your behalf.

Thank you

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