Home For accounting professionals Tax
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


which tax year?

sassyduellsassyduell Feels At HomeRegistered Posts: 33
Can anyone tell me, If work has been done in 2007/2008 tax year but money not banked until a few days into the new tax year, what tax year would i record it in the persons accounts?
Also with any payments made a few days into next tax year but services were given in the old tax year?

Comments

  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    You prepare accounts under the accruals concept so you would record the sale and the corresponding debit is debtors or work in progress.

    Those payments would then be reversed out the following year.
Sign In or Register to comment.