One of my clients formed a company, the main purpose of business was for educational services and letting of student accomodation. The rental income and expenses goes through the business bank account. However the properties are under the director name. Please advise do we show the rental income and expenses in the company when preparing the afs, or will it be taken to directors loan account?
Would the property have to be transferred to the company name in order to show the rental expenses and income in the company books? Is there an alternative option?