bestofboth333
Joined: 12/31/2024
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Apportioning costs for partial year rental
Hello, I'd like to know how to treat the following expense under the cash basis:
Ground rent expense for entire 23/24 year, paid on April 15th 2023. The rental did not commence until 1st December 2023.
Should i include the expense (as it was paid during the tax year) but pro-rate for the part of the year that the property was rented? -
Domestic items replacement relief - accruals basis
Hello, I have a question regarding how the domestic items replacement relief is treated under the accruals basis. Specifically I'd like to know if the relief could/should be apportioned across multiple years (similar to capital allowances or depreciation) in line with the useful life of the item or whether it should always be taken 100% in the year of replacement, regardless of whether using accruals or cash basis? Thank you