Business Tax: LTD Property Letting company with unknown trade loss/gain appearing OR LTD with unknown property loss
Article ID
business-tax-ltd-property-letting-company-but-unknown-trade-loss-gain-appearing
Article Name
Business Tax: LTD Property Letting company with unknown trade loss/gain appearing OR LTD with unknown property loss
Created Date
12th August 2021
Product
Problem
IRIS Business Tax: LTD Property letting company but a unknown trade loss/gain keeps appearing OR Trade LTD with unknown property loss in Box 250
Resolution
There are two checks to go through the steps:
LTD Property type having unknown Trade gain/loss. LTD company which used to be Trading company and now switched to ‘Property Letting‘ later on OR entries were made accidently as a Trade company and when noticed it was then corrected to Property Letting.
- Load Client and relevant period
- Client, View, Type – Subtype – it should already be set to ‘Property letting’
- Switch it to ‘blank’. Save and ok
- Go to Edit, Losses and remove any trade loss values
- Go to Edit, Postings and remove any trade gain or loss entries
- Client, View, Type – Subtype – switch back to ‘Property letting’. Save and OK
- Check your reports.
Trade LTD (not property type) having a unknown property loss showing on CT600 box 250? Data Entry, Claims for Capital Allowance, Non Trading Charges TAB, entries like the example in box 735/733/740/741/743 etc/UK Land and Buildings- see below which all total up into the Box 250. These can create a property loss in box 250, remove these entries/move to other areas in BT.
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