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Post Info TOPIC: Rental Income
Silly Digits


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Rental Income
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Rental Income is worked out on an accruals basis, but just need to know if the rent is paid in the middle of the month eg 14 March.  Which would cover the period 14 March - 14 April.  Do I split this last payment eg so work out the income upto 5 April.  This is to include on tax return.  Also a deposit was received for a months rent in advance.  I presume I include this as income?   Any advise on rental property (unfurnished) would be helpful.  Thanks



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Merlion ABS


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Yes you would need to apportion it to the 5th April.

The deposit is not income. It is held til the end of the tenancy. I assume the deposit is covered by the Tenancy Deposit Scheme?

See this and scroll down to the last paragraph. http://www.hmrc.gov.uk/manuals/pimmanual/pim1051.htm


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Silly Digits


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Thank you Merlion Accountancy thats a great help.



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