11 July 2007
Some years ago, my company purchased a property with a view to reselling it shortly thereafter. Unfortunately, a suitable purchaser could not be found and the property has instead been let out for a period of years. The previous accountant showed the property in the company accounts as trading stock.
It has now been suggested to me that this may not be correct and that the property should be shown in future accounts as a fixed asset. My concern is as to the possible tax or other implications arising from this.
Readers' advice would be very welcome.
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