unless you've been renting your main residence out for more than 6 consecutive years, any income-producing activity is ignored and the main residence exmeption applies (so any gains will be cgt-free).as far as only having one main residence at any one time, you actually get a bit of relief here – the lesser of 6 months or the time taken between…[Read more]

Busy – when t he actual cash is paid, the entry is DR Drawings and CR CashI don't know why you would be coding beneficiaries share of profit to drawings, it should be allocated to a "Share of Net profit" account. I guess either way, it'll increase the beneficiary entitlements but technically, only draw-downs of the beneficiary entitlements should…[Read more]

Busy – when t he actual cash is paid, the entry is DR Drawings and CR CashI don't know why you would be coding beneficiaries share of profit to drawings, it should be allocated to a "Share of Net profit" account. I guess either way, it'll increase the beneficiary entitlements but technically, only draw-downs of the beneficiary entitlements should…[Read more]

generally it's a credit to beneficiary loan accounts (but these should be called "unpaid beneficiary entitlements" to avoid being deemed loans (but that's another issue altogether) and a debit to trust distributions paid. depending on what software you use, the debit entry will vary. the bottom line is – you are aiming to reflect the accounting…[Read more]

generally it's a credit to beneficiary loan accounts (but these should be called "unpaid beneficiary entitlements" to avoid being deemed loans (but that's another issue altogether) and a debit to trust distributions paid. depending on what software you use, the debit entry will vary. the bottom line is – you are aiming to reflect the accounting…[Read more]