From 2017–18 onwards, the cash basis is the default method for a property business to calculate its taxable profits unless one of the following conditions applies:

the business is carried on at any time in the tax year by a company, a limited liability partnership, a partnership where a partner in the firm is not an individual or the trustees of a trust;

the cash basis receipts for the tax year exceed £150,000 (reduced on a pro-rata basis if the business is carried on for part of the tax year);

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