Your company's assets and liabilities are reported on its balance sheet. Assets go on one side of the sheet, liabilities on the other. The difference between them is the owners' equity in the company -- what the owners would take away if they sold all those assets and paid off all those debts.
Key Points. For all residential premises, whether houses or flats, a landlord may, depending on the circumstances, be liable to be prosecuted if anyone such as a tenant, resident, workman or visitor, is put at risk of being exposed to asbestos or is actually exposed to it.
Example 1 - Exercising the landlord's option to tax at development stage and at commencement of the letting. Mr. A develops a building in 2012 which is to be let to commercial tenants. He intends to opt to tax the lettings and registers for VAT on the basis that he will make taxable lettings of the property.He claims a repayment in respect of the VAT charged by the builder, architects, etc.Mr. A is treated as having exercised the landlord's option to tax the letting.ettings are exempt supplies of services for VAT purposes. A landlord who makes an exempt letting is not entitled to deduct VAT incurred on the acquisition or development of a property, which is subject to the letting. A landlord may opt to tax a letting.