UK tax return - question on calculating income Autor wątku: Maria Simmen
| Maria Simmen Niemcy Local time: 07:36 angielski > niemiecki + ...
Hello, I started my tax return for the previous year and already ran into a problem: the field called "Turnover - takings, fees, sales or money earned by your business". It sounds simple enough but I'm wondering if I have to look at amounts I invoiced during the tax year or the money that actually went into my account. In the HMRC help pages it says "It is the money due to you up to your end of year – whether or not you have actually been paid." This seems to call fo... See more Hello, I started my tax return for the previous year and already ran into a problem: the field called "Turnover - takings, fees, sales or money earned by your business". It sounds simple enough but I'm wondering if I have to look at amounts I invoiced during the tax year or the money that actually went into my account. In the HMRC help pages it says "It is the money due to you up to your end of year – whether or not you have actually been paid." This seems to call for the amounts invoiced BUT - and this is why I'm confused - I used to have a tax adviser and distinctly remember him telling me that it's the statements that matter, i. e. the money that I have actually earned. Did legislation change or maybe there are different rules for different kinds of bussineses? Any input is much appreciated! ▲ Collapse | | | XXXphxxx (X) Wielka Brytania Local time: 06:36 portugalski > angielski + ...
If this the first year you are filling in a self-assessment tax return in the UK or there are fields which you think have changed from last year and you are not sure what you are doing then perhaps it's worth considering an accountant who, for a relatively modest (and tax-deductible) fee, will make the task simpler for you and allow you to get on with translating | | | Manuela Junghans Niemcy Local time: 07:36 Członek ProZ.com od 2004 angielski > niemiecki + ...
I understand this as the amount invoiced between 06 April (of a given year) to 05 April (of the next year), i.e. in one UK tax year, regardless of whether you´ve received it all by the deadline or not. That´s my take on it anyway... Best Regards, Manuela | | | Clive Phillips Wielka Brytania Local time: 06:36 Członek ProZ.com od 2009 niemiecki > angielski + ... Money due by end of tax year | May 1, 2013 |
Hi Maria According to the HMRC's SA103f page SEFN6, 'turnover - takings, fees, sales or money earned by your business' is "...the money due to you up to your year-end or accounting date, whether or not you have actually been paid." http://www.hmrc.gov.uk/worksheets/sa103f-notes.pdf Happy accounting! Clive
[Edited at... See more Hi Maria According to the HMRC's SA103f page SEFN6, 'turnover - takings, fees, sales or money earned by your business' is "...the money due to you up to your year-end or accounting date, whether or not you have actually been paid." http://www.hmrc.gov.uk/worksheets/sa103f-notes.pdf Happy accounting! Clive
[Edited at 2013-05-01 09:47 GMT] ▲ Collapse | |
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Maria Simmen Niemcy Local time: 07:36 angielski > niemiecki + ... NOWY TEMAT
Thank you all very much for the quick replies and confirming my reading of the explanations! Lisa - it's not the first year I'm filing a tax return but it's the first year I'm intent on managing on my own. Plenty of time to get the pros in in case things go wrong | | | Things have indeed changed | May 1, 2013 |
Maria Bruessler wrote: Did legislation change Not legislation as such, but yes. A few years ago, you could chose whether to use cash accounting or accrual accounting. These days, HMRC more or less insist on accrual. Hard to enforce, obviously, other than through inspection, but as you have noticed, their guidance is now all directed towards accrual accounting methods (except in the case of VAT returns). | | | | Do tego forum nie został przydzielony moderator. W celu zgłoszenia naruszenia zasad forum lub zasięgnięcia pomocy, proszę kontaktować się z personelem portalu » UK tax return - question on calculating income Wordfast Pro | Translation Memory Software for Any Platform
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