Rental Income
Overview
The purpose of this section is to calculate profits chargeable to Corporation Tax from relevant rental income as a part of required statutory income for Return form C.
- Rental income – business source
- This sheet summarises all taxable income and allowable expenses attributable to investment holding company rental income and reconcile with the amounts from income and expense analysis. The sheet is optional, available if investment holding business present in calculation.
- Rental income – passive source
- This sheet summarises all taxable income and allowable expenses attributable to rental income and reconcile with the amounts from income and expense analysis. The sheet is optional for both trading and investment holding company.
- Particulars of real properties
- This sheet collates details of properties and assets and reconcile with the amounts from income and analysis sheet. The sheet is optional, available if Rental income – business source or Rental income – passive source present in the calculation.
Completing the Sheets
Rental income – business source
Amounts are summarised from the data in the relevant parts of the calculation. You can also use available data entry cells to enter some profits or deductions manually. Reconciliation to Income Statement section at the bottom of sheet reconciles relevant values from income statement with business source gross rental income.
note
User is able to insert additional rows manually in Other revenue expenditure section.
Rental income – passive source
Amounts are summarised from the data in the relevant parts of the calculation. You can use data entry cells to enter specific tax deductions and reliefs. Reconciliation to Income Statement section at the bottom of sheet reconciles relevant values from income statement with passive source gross rental income.
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User is able to insert additional rows manually for Other amounts not credited or charged to Income Statement. The sheet will automatically apportion figures to each business.
Particulars of real properties
Sheet splits details of real properties income between business and passive source. User is able to reconcile relevant types of rental income using dedicated tables to list all types of property or assets. Both sections confirm gross rental income with amounts from dedicated Rental income – business source or Rental income – passive source sheets. Reconciliation to Income Statement section reconciles relevant values from income statement with business source gross rental income.
note
User is able to insert additional rows manually in Business source, passive source and Other amounts not credited or charged to Income Statement. The sheet will automatically apportion figures to each trade or property business.