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  • Tax - Election to opt out of rental cash basis
    Election to opt out of rental cash basisSince 6 April 2017 rental property accounts must be prepared on the cash basis if the total of rents and other income you receive from your properties exceeds £150,000 in a tax year. In some circumstances it may be advantageous for you to use the accruals basis of accounting instead. To do this you must submit an election to HMRC.Cash basis v accrualsBusiness accounts are usually prepared on an accruals basis, meaning that they reflect income and expenses relating to...
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