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Modal Ltd lets out an unfurnished investment property.
During the year ended 31 December 2022, the company received rental income of £3,000 per month and paid electricity (relating to the rental property) of £200 per month. The electricity payment for December 2022 was not paid until 30 January 2023.
Modal Ltd also paid interest of £1,200 per month on a loan taken out to finance the purchase of the rental property.
What amount of property business income will be included in Modal Ltd’s corporation tax computation for the year ended 31 December 2023?
As it is a company renting, I think we need deduct the interest from the income.
Can I ask is Partnership’s interests treatment the same as company or individual?
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