change to end of accounting period for foreign rental income

[rbailey28]

Hi,

For many years I have rented out a residential property in New Zealand. I have calculated income and expenses on an accrual basis to 5th April each year but would like to change to 31st March. Is this allowed? In NZ the NZ Tax Return is filed on a cash basis until 31st March each year. I have to convert NZ figures to sterling but on HMRC website they only provide average annual foreign exchange rates to 31st March and not 5th April. I also calculate income/ expenses on a commercial property I own to 31st March rather than 5th April and VAT Returns are also quarterly to 31st March. Advice would be appreciated as I want to do this for my 2016/17 SATR.

Thanks

[bd6759]

HMRC are not concerned about 5 days. It is quite common to use 31 March for simplicity.