Has anyone any experience in completing a CT1 return for Property management companies? The deposit interest received is over the threshold so it does not have that exemption, so do you then need to complete the return as per normal, is the profit exempt from any liability?
Yes, it's mutual trading so just return the interest.
Mutual trading - The income is from the members and the members own the company, so they're effectively transacting with themselves. It wouldn't make sense to tax that.
Yes, it's mutual trading so just return the interest.
Mutual trading - The income is from the members and the members own the company, so they're effectively transacting with themselves. It wouldn't make sense to tax that.
Thanks a million for that. On the CT1 so, do you imput the financial information as per usual and then simply indicate that it is exempt from any liability as it is mutual trading?
Yeah that's what I would have thought. However when I contacted Revenue they told me I needed to report all information and that any "profit" would be liable to a CT payment !!!!