The director is the sole shareholder of the company and owns the property. The rental income is received in the company bank account.
Do you recognise the value investment property in the financials?
Will the rental income received in company bank account be recognised as revenue?
Will the director have to charge the company rental fee for leasing the property to the company and declare this amt in his/her tax return?
Expenses incurred by the director for the purchase of the property ie finance costs, repairs and maintenance can that be claimed in the company book's?