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Guys, please advise: if 2 months before end of accounting period company receives rent for 6 months (i.e. avdvance payment), do I have to take only 2 moth from the amount paid by the tenant ?
Do I understand the below rule ?
Thanks a lot!
In general a company’s income from property (or property business profits) is
calculated in much the same way as an individual’s income from property with
several significant differences:
? the property business profits are based on the rent receivable during the
chargeable accounting periodRent receivable represents the rental income accrued, so that if 2 months before the accounting period end a 6 month advance payment is received just 2 months worth of the rent will be included in the CT computation.
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