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Each month our tax experts reveal tax strategies to help minimise your property taxes.


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Here is what our tax experts are sharing with you in this month's magazine:

 

  • Business Structures Part 1 - The Partnership

    A partnership is one of the oldest and most basic of business entities. Partnerships are still governed by the 1890 Partnership Act, which defines a Partnership as...
  • Using Trusts to Minimise Property Capital Gains Tax (CGT)

    The previous article in this series on Trusts ended with the tax planning suggestion for the rearrangement of investments. But doing so will not necessarily mean that there will be no tax due...
  • When Investments Go Bad! Claiming Relief

    Buying property ‘off plan’ can be an attractive proposition. Developers often offer substantial discounts to those who are prepared to commit before the first brick has been laid, thereby providing the potential to make a significant gain by the time the property has been completed. However, unforeseen events may mean that even the best laid plans go awry.
  • Optimising Tax Relief – Capital Expenditure Part 4
    This is the fourth and final article in a series looking at Capital Allowances tax reliefs for property businesses. In this article, we will look at the importance of elections when buying or selling a second hand property; how to make best use of...
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller
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Back to Questions
« Previous Question 3 of 12 Next »

How Do I Account for Rent in Advance?

If my tenant pays me 6 months’ rent in advance in March 2011 do I:

a) Put the whole amount in my tax return for the tax year 2010/2011,
b) Apportion it, i.e. 1 month in 2010/2011 and 5 months in 2011/2012,
c) Choose either option to suit my tax circumstances?

 

Arthur Weller Replies:
If you look on page PIM1101

(http://www.hmrc.gov.uk/manuals/pimmanual/pim1101.htm) on the HMRC Property Income Manual you can see that your second option 'b' is the correct treatment. It requires apportionment in a similar way to trading income.

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