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No
There is no option yet of applying the cash basis to lettings income. I would have thought that the difference between accruals accounting and cash accounting would be minimal in the vast majority of cases although I suppose late receipt of rents might lead to a cash flow disadvantage.
You can get the
There is no option yet of applying the cash basis to lettings income. I would have thought that the difference between accruals accounting and cash accounting would be minimal in the vast majority of cases although I suppose late receipt of rents might lead to a cash flow disadvantage.
You can get the reverse.We had a view residential tenants over the years who were say unemployed/ resting, who sealed the lease 9because failed "credit" check so to speak by paying six months rent up front at entry. Also had a pub chain who did likewise re a flat for visiting staff.
However my experience is that normally, as you say, there is little difference.
Surely hmrc would not be too bothered if consistency applied? Pragmatism has to prevail here, the difference between accruals and cash accounting minimal.
Wait until HMRC find out
Surely hmrc would not be too bothered if consistency applied? Pragmatism has to prevail here, the difference between accruals and cash accounting minimal.
I'm sure HMRC would work out the correct basis if you didn't apply the rules properly - and who could blame them.
Sorry the point i was trying to make more was not that there is an 'either or' over the threshhold for this but i was thinking more about the granular blurry date nature of receipts payments sometimes.