I have one client who holds investment property through a company. Upon adopting FRS 102 the property need to be valued and any gains posted to a fair value reserve. Taxfiler doesn't have this option (only revaluation reserve).
Is there a workaround? Could it be posted to retained earnings and a disclosure in the notes stating that the fair value proportion of retained earnings cannot be distributed as dividends?
I seem to recall seeing something about there being no need to separate out, but for the life of me cannot recall where I read it.
Not sure how you are dumping the accounts into taxfiler - is this via just attaching after doing them in VTT+ (if so I would just add an account/amend the revaluation reserve acocunt if you have one), simplest way. But if you are producing the accounts direct from Taxfiler I cannot help as I do the former.
Probably a daft Q - but have you emailed Taxfiler?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Emailed them and just got "property accounts are unsupported at the moment". If I import from VT will it post with the accounts I have created? (Via VT) I won't have to match them to the taxfiler trial balance?
Can't recall the exact terminology and not got taxfilers handy just now. I think you can just attach them, rather than import (so you are not using their box options, then enter the information for your CT manually in Taxfiler.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
