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Flights bought on the 20th March but taken on 4th April - last year's accounts or the new year's? Invoices for work done up to end March but paid in April - this new year's accounts, yes??Office costs for April paid in advance in March... which year??Thanks
The work done in march but not paid until April goes in last year's accounts. I'm sure about that one!Costs incurred last tax year but used in this should, I think, also go in last year's. I figure it is no different to buying say a printer cartridge that gets used in the following year!
Ditto flights, I guess, but someone much more qualified than me will surely be along soon (i'm just a freelancer, not an accountant)
Go by the date of the invoice. An auditor/accountant can always write in back out if required, but date of invoice is a good rule of thumb - it's based on when the issuer pays the VAT to HMRC and then you pay them IYSWIM.
thanks - i'll stick everything in last year's and my accountant can weed them out if he thinks they should be in this year's.
Accrue income for work done not yet invoiced and expenses incured not yet paid. This changes next year under simplified accounting rules for small businesses ( if not incorporated).
Definitely leave it to your accountant, but as a general guide:Flights bought on the 20th March but taken on 4th April - last year's accounts or the new year's?Debatable but generally last year's unless refundable.Invoices for work done up to end March but paid in April - this new year's accounts, yes??Definitely last year's.Office costs for April paid in advance in March... which year??Definitely the new year's.
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