Accounts & Finance Brought to you by SAP Concur
Dismiss Notice
Hey Guest, make sure to follow us on Twitter! Say hi and we'll be sure to follow back!

late invoice

Discussion in 'Accounts & Finance' started by zinnia48, Mar 7, 2018.

  1. zinnia48

    zinnia48 UKBF Contributor Free Member

    83 0
    i have just received an unpaid invoice from january 2017 for nearly £500, can I include it in my sole trader self assessment for 2017/2018. Just to make life a bit more difficult i ceased to be a trader in june 2017 , when i took employment. Many thanks
     
    Posted: Mar 7, 2018 By: zinnia48 Member since: Jul 22, 2013
    #1
  2. Sam Price|ICS Accounting

    Sam Price|ICS Accounting UKBF Newcomer Free Member

    11 2
    Hi Zinnia48,

    This depends on whether you use cash basis or invoice basis.

    1. If you based your figures on a cash basis, you declare income/expenses on when you were paid.
    2. If you based your figures on when you raised an invoice, you declare income/expenses when you raise the invoice.

    If you want to close off all your self-employment income in the 2017/18 tax year, use the invoice basis and include the income you've just received on that return.

    Hope that helps, don't hesitate if you need clarity.

    Sam
     
    Posted: Mar 28, 2018 By: Sam Price|ICS Accounting Member since: Mar 27, 2018
    #2