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UK property income |
See Also
ABAs - single site | Adjustment of profit | Allowances - Plant | Depreciation | Expense analysis | General allowances | IBA site | Losses and allowances | Non pooled cars | Profit and loss account / Income statement (D schedule) | UK property business analysis
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule allows the user to analyse sources of UK property rental income. Adjustments for items such as depreciation or disallowable expenditure made on UK property business analysis schedules will feed through to the Adjustment of rental profits section of the schedule.
This schedule is developed from the A schedule.
Alternatively it will be developed automatically when:
Additional rows can be inserted if required to analyse out the income and expenditure incurred for the period. Allowable deductions would comprise those expenses incurred in generating business profits.
Losses
Any UK property loss is offset against other UK property income and is streamed as a separate column on the Losses schedule.
Relief for a UK property loss is given against total profits of the same accounting period. A claim may also be made to surrender any remaining loss to group companies, otherwise excess losses are carried forward to be set against income of subsequent periods.
2010 0nwards
Where a loss is to be restricted in respect of the Annual Investment Allowance, the amount of the restriction should be entered in the data entry cell provided. This will ensure that the loss included on the Losses schedule, as available for relief in the current period, is restricted appropriately, but that the restricted element of the loss is included in the carried forward value.
Enter depreciation and/or profit/loss amounts by selecting one row in the Add/(Less): section (you can insert more rows here and rename the description). For the selected row, develop the UK property business analysis schedule. In that schedule enter the appropriate amount(s) in rows 5 and/or 6. You can repeat the above process for each row in the Add/Less: section. The amounts in each UK property business analysis schedule will appear in the Depreciation schedule and the total for the UK property business shown there will then appear in the UK property income schedule.
A range of schedules, for example the Plant pool, Non pooled cars, Single site IBA, Single site ABA and General allowances schedules may be developed from this schedule.
Single site IBA and ABA schedules cannot be developed for investment companies.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation.
None
© 2009 Thomson Reuters.