Which Tax Return Year?

[barry2012]

Hi,

Hopefully this is a simple question, but I can't seem to find a definite answer.

I have some self-employed income. If I do work in December 2014 and get paid for it in January 2015, which tax year do I include the payment in?

Thanks in advance,

barry

 

[Eithneangela]

Hi,

Hopefully this is a simple question, but I can't seem to find a definite answer.

I have some self-employed income. If I do work in December 2014 and get paid for it in January 2015, which tax year do I include the payment in?

Thanks in advance,

barry

I would assume date of payment is the key date. The work in December could have been a work-in-progress spanning the two years, however the date of payment is very specific.

 

[Joe_90]

The work was done in 2014 so if invoiced in 2014 then it's sales for 2014, otherwise it's Work in Progress.

Either way it's income in 2014.