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Property: 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 allowable 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 UK property (including FHLs in the UK) or
income from foreign property (including FHLs inthe EEA) is up to £150,000.

To show indicate that you are using the Cash Basis for your property accounting on SimpleTax

 

Click on the Property Page

 

Click on EDIT

 

Select the radio button option for HAVE YOU CALCULATED YOUR INCOME AND EXPENSE ON THE CASH BASIS?

 

 

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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