To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.
The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
3 Comments
13/11/2019 5:01 pm
That’s a really good question and not sure of the answer.
You could try calling the tax advisor on our website. He offers a free 10 minute consultation to Guild subscribers and will probably know the answer instantly.
guildy
14/11/2019 4:34 pm
This is the answer I received from the tax accountant.
“Since April 2017, where individual landlords have gross annual rental income of £150k or less the ‘cash basis’ must by default be used (receipts and expenses are brought into account when they are received/paid). If the rental income exceeds this, or the landlord ‘elects’ (via box 5.2 on tax return UK property pages) not to apply the cash basis, the profits are instead determined in accordance with generally accepted accounting principles. This traditional accounting method means that receipts and expenses are calculated on a receivable and payable basis (so the rent received in advance would be taxed in the period(s) to which it relates rather than fully in the period of receipt).”
Steve
steve1
14/11/2019 10:56 pm
Thanks so much for putting the reply here. It will be very useful for others we’re sure.
guildy