Landlords Will Be Able To Use The Cash Basis Rather Than Gaap

September 27, 2022 ⚊ 1 Min read ⚊ Views 79 ⚊ BUSINESS

HMRC has stated that landlords will be able to use the cash basis rather than generally accepted accounting practise (GAAP) as the default method of calculation, ‘unless a landlord opts out or has rental receipts for the business in excess of the threshold in which case they will continue to use GAAP.’ In other words, if a landlord has rental receipts for the business in excess of the threshold, they will continue to use GAAP.

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Tags: Accountants in Croydon, Cash Basis for Landlords