Corporative Tax
  • 23 Mar 2017

Reporting income and expenses under MTD will be easier for businesses who draw up their accounts using the cash basis. This is a basic form of accounting which suits certain small unincorporated businesses.

Currently, in order to use the cash basis you must be a trading business, not a limited liability partnership or property investor, with turnover not exceeding the VAT registration threshold (£83,000).

You must switch to a traditional accruals basis of accounting once your turnover exceeds twice the VAT threshold (£166,000).
The entry and exit thresholds for the cash basis will increase to £150,000, and £300,000 respectively, on 6 April 2017. However, other restrictions remain, including a block on setting losses against the trader’s other income and a £500 cap on the amount of interest which can be deducted per year.

Property businesses

Individual landlords will be expected to use a special form of the cash basis from 6 April 2017, where their annual rental income does not exceed £150,000.

If you don’t want to use this cash basis for your property business, you will have to opt out by checking a box on your tax return.

All individual landlords (not companies) who let residential property from April 2017 will have restrictions imposed on the amount of interest and finance charges they can deduct each year. These restrictions will equally apply to landlords using the cash basis. However, cash basis landlords will be subject to an additional restriction. The deduction for interest and finance charges will be proportionally reduced if the total value of the outstanding mortgages connected to the property business exceeds the market value of the let properties at the
end of the year.

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