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Posted Sat, 13 Jul 2024 10:46:50 GMT by K J
Hi, I am a non-resident landlord and I will find it more convenient to report my rental income on an Apr 1st to March 31st basis. I receive rent on a calendar month basis, and the country I am resident in also follows Apr 1st to Mar 31st Financial year. Will that be ok? For interest, I plan to continue using the certificate of interest that I get from the bank. In addition for mortgage arrangement fees, I have historically amortised the fees over the 2 year term they have applied to, can I change that to on an as invoiced basis as it will be simpler for me. Thanks
Posted Wed, 17 Jul 2024 11:16:39 GMT by HMRC Admin 8 Response
Hi,
Using those accounting dates will be fine, please see:
Property Income Manual which states ‘Late accounting dates
Section 275B ITTOIA05 applies where:
•    A person did not commence a property business during the tax year, or commenced it on or before 1 April;
•    Has an accounting date between 31 March and 4 April; and
•    Did not cease to carry on the property business during the tax year.
In those circumstances the profit or loss in the period from the day after the accounting date to 5 April is treated as nil in that tax year, and is instead treated as arising in the following tax year.
The ‘accounting date’ means the date to which accounts are drawn up. If there is more than one accounting date in a tax year then the accounting date for the purposes of s275B is the date which occurs latest in the tax year.
Thankyou.

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