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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Sales/Income on SA do you deduct off money that came in later?
Post Info TOPIC: Sales/Income on SA do you deduct off money that came in later?
Amanda


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Sales/Income on SA do you deduct off money that came in later?
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Hi Everyone,

Just doing the SA on line, I was owed £153 after my year end which came in the month after, my question is do I deduct this of my income figure when filling out the SA??  A family friend helped me last year fill it out, but trying to do it on my own this year.

Many thanks
Amanda

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Amanda
Shamus


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Hi Amanda,

If it was a refund then it's from an overpayment last year and nothing to do with this years turnover so should not be included in the figures for preparing this years self assessment.

cheers,

Shaun.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
AngelaWBS


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Hi Amanda,

I agree with Shaun, that it has nothing to do with this years figures and doesn't feature in the SA return. 

For instance if it was money you were owed by a client then the £153 would be sat in the debtors account and cleared when the money came in.

Or if it was money you were owed as an overpayment for tax then that would be posted to drawings.

Hope that makes sense. 

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Angela
http://www.bookkeeping-suffolk.co.uk/
Amanda


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Hi Everyone,

THanks for the replies, I have got it sorted out now and done my return (phew!). Eventually getting through to the SA helpline, who I say the first lady I spoke to about a couple of queries I had, she sounded quite thick and actually said I don't know I'll pass you over to someone else! I thought that wasn't very good as they are meant to be trained people! Anyway 2nd person was very helpful, it wasn't complicated just advise on the boxes to fill in on line.
anyway regarding the £153 I was owed, it was a debtor who paid the following month but the amount still need to be included in the sA as it was Sales generated in that period, he said it was regardless of when the money came in.

Thanks everyone, its great to know the forum is so useful and there is always someone willing to help.

Regards,
A

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Amanda
AngelaWBS


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Hi Amanda,

That's right, probably didn't make myself clear, the £153 is cr to sales and dr to debtors.  So the £153 is already included in your turnover.

I know what you mean regarding HMRC, it's amazing how many departments and people you can be passed around to get any real answers.  It really does depend on who answers your call and all you can hope is you get a good one first time!!

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Angela
http://www.bookkeeping-suffolk.co.uk/
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