The Covid-19 pandemic has caused financial hardship for many and the need to release funds may lead to a decision to sell a buy-to let or second property. While the temporary increase in the residential SDLT threshold may give the property market a boost, it is still possible that the sale of the property may […]
For tax purposes, good record keeping is essential. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside from the risk of paying more tax than is necessary, landlords who fail to take their record keeping obligations seriously may also find […]
The Cash basis for Landlords simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and accruals. Income is recognised when received and expenditure is recognised when paid. Since 6 April 2017, the cash basis has been the default basis for eligible landlords. […]
Since 6 April 2017, the cash basis has been the default basis for qualifying landlords running an unincorporated property business. Cash basis v accruals basis : The cash basis is easier for a non-accountant to understand, as it simply takes account of money in and money out. Income is recognised when it is received, and expenditure […]
