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Furnished Holiday Accomodation

This topic has 1 reply, 2 voices, and was last updated 5 years ago by Tax Tutor.

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June 10, 2020 at 6:19 am #573337
AverageAndy
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sir can we use accrual basis for FHA if its rental income receipts exceed 150,000pounds, like we do in case of (non-)furnished residential and non-residential letting?
June 10, 2020 at 4:49 pm #573391
Tax Tutor
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The same rules for the application of the cash basis apply also to FHA, so the taxpayer may choose to use the accruals basis and if cash receipts exceed 150,000 MUST use the accruals basis
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