Help! - quick end of year accounts questions...

[badguider]

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.