Rental tax expense?

oldbikebloke

to answer OP's question, unless the gross rent for the year is more than £150,000, the basis upon which your rental accounts are prepared is the cash basis. 
That has been the default assumption since 17/18, and under the cash basis you record transactions when you physically pay or receive the cash.
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1092

therefore the full cost of the July 19 insurance goes in 19/20
July 20 renewal goes in 20/21

ben100000

oldbikebloke said:

to answer OP's question, unless the gross rent for the year is more than £150,000, the basis upon which your rental accounts are prepared is the cash basis. 
That has been the default assumption since 17/18, and under the cash basis you record transactions when you physically pay or receive the cash.
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1092

therefore the full cost of the July 19 insurance goes in 19/20
July 20 renewal goes in 20/21

Ok thanks I'll put it in that way then and I assume the boiler cover I have which I pay monthly I would just stop at the payment for the April month and then continue the remaining months on the following tax year am I right?

oldbikebloke

ben100000 said:
Ok thanks I'll put it in that way then and I assume the boiler cover I have which I pay monthly I would just stop at the payment for the April month and then continue the remaining months on the following tax year am I right?

if you pay monthly then obviously there are 12 payments in each year's tax return 

ben100000

oldbikebloke said:

ben100000 said:
Ok thanks I'll put it in that way then and I assume the boiler cover I have which I pay monthly I would just stop at the payment for the April month and then continue the remaining months on the following tax year am I right?

if you pay monthly then obviously there are 12 payments in each year's tax return 

But I bought the cover in August so it's only payments from then up until April but they still continue after that so does the rest go on the following years return?

oldbikebloke

ben100000 said:

oldbikebloke said:

ben100000 said:
Ok thanks I'll put it in that way then and I assume the boiler cover I have which I pay monthly I would just stop at the payment for the April month and then continue the remaining months on the following tax year am I right?

if you pay monthly then obviously there are 12 payments in each year's tax return 

But I bought the cover in August so it's only payments from then up until April but they still continue after that so does the rest go on the following years return?

good heavens, you are really struggling to follow such a simple concept
if you pay monthly then you include the number you paid, it cannot be more obvious 

macman

Which part of 'you include them in the tax year in which you incurred the expenditure'  did you not grasp?
You presumably have a spreadsheet listing your chronological expenditure on the property? Draw a line on it underneath 5/4/20. 
Everything above that line, back to and including 6/4/19, falls into tax year 19/20.