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Property Foreign Income: Traditional accounting or Cash Basis

Cash basis is a simpler way of working out your property business profits or losses.

You add up all your property income received (your turnover) and take off any allowance expenses paid in the year. Don’t include money you owe or owed to you after 5 April 2018.

You can only use cash basis if your total income from foreign property (including FHLs in the EEA) is up to £150,000.


If you have income from a foreign property and an FHL in the EEA, you must use the same
accounting practice for both incomes. Box 14.2on the Foreign Income Page and box 5.2 on the Property Page must both be either present or absent.

 

Click on Foreign Income

 

Select the Income Category Land and Property abroad

 

Select YES on the question HAVE YOU USED CASH BASIS TO CALCULATE YOUR INCOME AND EXPENSES(BOX 14.2)

 

The friendly way to do your taxes online.

SimpleTax automatically tells you what expenses you should be claiming, what you should watch out for and ways to lower your tax bill.

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