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Reuben said:Hi. I am a sole trader consultant. If I have issued an invoice but have not received payment by the end of a financial year, do I pay tax on the money owed at the end of that year, or do I pay it in the following tax period, when the money is actually in my bank account?
Dearg Doom said:That's certainly true for [broken link removed] but I don't know about income tax. Can anyone else clarify?
gallon said:Ok I have a similar problem to above but with a slightly different aspect.
I have invoiced for an amount plus VAT 21%, however for various reasons I have only received the amount excluding VAT?
So as far as I know being VAT registered I am obligated to pay the VAT, do I pay the 21% of the invoiced amount, or pay tax on what I recieved.
Now if I also pay this VAT couldn't the other company claim it back in their V3, e.g. claim back what they never paid?
gallon said:Ok so I issue a credit note to the company (inclusive of VAT) ok that sounds fine.
To be honest although annoyed not worried about them. However I am worried about the taxman.
So do break down the sum received E100 into Net 82.64 plus VAT 17.36. Therefore pay the taxman 17.36?
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