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Rental Income and the Tax Year
dealsearcher
Posts: 756 Forumite
in Cutting tax
I use an accountant for rental income from a property I own. The property is managed by a management company and I receive regular statements of expenditure and rental income. For the last tax year the rental income from the statements added up to one figure but my accountant calculated a higher figure for the tax year.
When I queried it with my accountant I was told that HMRC look at the amount due during the tax year and not the amount actually received as stated on the statements.
Is my accountant correct? Or could I use actual amount received during the tax year?
When I queried it with my accountant I was told that HMRC look at the amount due during the tax year and not the amount actually received as stated on the statements.
Is my accountant correct? Or could I use actual amount received during the tax year?
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accountant is correct.0
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