How to Tag LBTT After Freehold Property Purchase

Accounting
1

Hello,

I’m looking for advice on how best to tag “Land and Buildings Transaction Tax” in Quickfile.

I have tagged the property purchase price as “0010 Freehold Property”, so it appears on the balance sheet under “Fixed Assets” as “Freehold Property” (cash purchase - no mortgage), but I am unsure about how to account for the tax and lawyer fees for the purchase.

Thanks!

2

Hello @belper56

You would record the lawyer fees as a purchase to your profit and loss.

3

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