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Tradefair & Financials
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hypothetical question !
if i do work for someone and am self employed the work is eg august 2021 to end of march 2022, we agree he pays me end of the work in total £15000, he gives me a cheque in may 2022 for the full amount, when do i have to declare this to tax , im certain by april 2023, ( but i just wanted confirmation , thanks), and if he actually did give me the cheque on time in march 2022, would that go on april 2022 tax .
if i do work for someone and am self employed the work is eg august 2021 to end of march 2022, we agree he pays me end of the work in total £15000, he gives me a cheque in may 2022 for the full amount, when do i have to declare this to tax , im certain by april 2023, ( but i just wanted confirmation , thanks), and if he actually did give me the cheque on time in march 2022, would that go on april 2022 tax .
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I believe it would depend on the date that you issue an invoice. If you issue an invoice in March but it is not paid until May then it would come into the category of a debtor in your annual accounts to April 6 but still be considered as income in that year. Equally you can include any invoices sent to you that have not yet been paid as costs. That is certainly true for a limited company but I would check with your accountant if you use one. If that is an unusually large job then consider stage payments spread over 2 tax years.
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never issue a lower invoice and get the rest in cash that would be wrong
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