Rent paid upfront, rental spans tax years.

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  • Gordon999
    I think you have the choice of declaring 6 months rent in 2012/2013 because rent money was paid upfront.

    Alternatively you can apportion rent and expenses 4 month in last year ( 2012/2013 )return and 2 months this year's return ( 2013/2014) .

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  • King_Maker
    It depends which basis is being used - accruals or receipts (for small cases).

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  • theartfullodger
    started a topic Rent paid upfront, rental spans tax years.

    Rent paid upfront, rental spans tax years.

    Doing the wife's tax return.. (ooppsss!!! helping the wife complete her tax return...).

    Never had this issue before so if it's a common easy question, apologies.

    She's just sold MiL's old home and it was rented for 6 months to 31/05/2013. The rent was all paid upfront, 6 month's worth, all into her (& SiL's, joint ownership) in 2012/2013 bank account. Is there any way she can declare all that rental income in 2012/2013 or do we have to do part 2012/2013, rest 2013/2014???

    Regards & thanks in advance

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