Income/Expenditure

KazM

This may sound like a stupid question, but I am filling in a client's self assessment tax return (my first one as MAAT), and they invoiced a company in February this year, but were not paid for it until May. Can this "income" be recorded in the 0708 tax return or will it apply to next year?
Thanks

claudialowe

Yes it would. Under the "accruals" system, you have to account for income in the year that it was earned, not necessarily paid. The corresponding amount would also be shown under debtors on the balance sheet.

Are you sure that you feel qualified to complete a tax return? Would it be better for you to get someone else to check your work over before you ask your client to sign their return?

Claudia

CHUNKYMONKEY

tut was going to answer this one as i keep asking loads of questions and dont seem to be answering any but claudia beat me to it lol
but yes, definately

for claudia, i've had trouble with this too, getting people to oversee my work, for confidence and making sure its right, does this normally involve a fee? and how much should it cost?
seems like most accountants you speak to either havent got time to take on a newbie for subcontract work (as they feel like they would need too much "training"(!?)) or fear that you will take their clients.
are there any maat's that would take a new member under their wing and oversee their work at a cheaper rate?

Poodle

CHUNKYMONKEY wrote: »

or fear that you will take their clients.

LOVL. I had a 'Chartered' ask me if I was busy yesterday, when I said 'yes' he replied " well we could always help out if your like" like yeh

Poodle