Recent content by qwercy

  1. Q

    Dilemma: Declaring gross income or net income with cash basis method

    The invoice is generated once the work is completed (the client has typically 30 days to pay but sometimes longer) so in this sense the invoice date and completion date are the same. What would I need to do then?
  2. Q

    Dilemma: Declaring gross income or net income with cash basis method

    So I carry on as usual with cash basis and if my turnover gets to £90k I register for VAT. Got it :)
  3. Q

    Dilemma: Declaring gross income or net income with cash basis method

    Many thanks! Oh no, the old invoices I'm talking about are between me and the agency. With the new system they will be between me and the client. Does the calculation for VAT change if I'm accounting with the cash basis method? At the moment I'm light years behind the VAT threshold even with...
  4. Q

    Dilemma: Declaring gross income or net income with cash basis method

    The invoices are mine, they have my name and address and everything else expected. What I meant was that the only details ABOUT my agency are their name and address, tax ID and company reg number. If they were indeed VAT registered surely it would show? Yes my turnover would be 35% higher but...
  5. Q

    Dilemma: Declaring gross income or net income with cash basis method

    Yes, I do that and keep record of exchange rates and bank fees. It's been straightforward so far, but now I have to also account for my agency's commissions as the the whole income belongs to me like you mentioned
  6. Q

    Dilemma: Declaring gross income or net income with cash basis method

    As far as I know they're not registered for VAT. My invoices only show their tax ID and company registration number (the invoices are automatically generated by the agency on my behalf). My main concern at the moment is how to record profit and expense accordingly with their new system, as it...
  7. Q

    Dilemma: Declaring gross income or net income with cash basis method

    Thanks for replying! Yes, I'm the principal now as specified in the contract and my agency said we can apply their commission to the total job figure as supplier invoice. I guess my confusion comes from the fact that I'm still paid my cut and not the gross amount. I'm not earning anywhere near...
  8. Q

    Dilemma: Declaring gross income or net income with cash basis method

    Hi, I'm an artist represented by an agency that takes 35% of my earnings. Up to now the agency invoiced the client for the full amount of the project and then I invoiced the agency for my cut (so total £- 35% commission). I have no record of the full £ in my invoices or anywhere else, my...
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