• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.

User Profile

Collapse

Profile Sidebar

Collapse
Avatar
Craig@Clarity
Fingers like lightning
Last Activity: Yesterday, 09:56
Joined: 4 November 2010
Location: Poole
  •  
  • Filter
  • Time
  • Show
  • Source
Clear All
new posts

  • Craig@Clarity
    replied to VAT on expenses question
    I think you're blurring the lines between Accounting and Commerciality. You can recharge whatever the amount is and add VAT on top. If the contract says at "cost" then it's at "cost" plus 20% (whatever is interpreted as "at cost"). If the contract says 50% then it's 50%....
    See more | Go to post

    Leave a comment:


  • Craig@Clarity
    replied to Is accrued income taxed?
    It comes down to income recognition. I assume the product hasn't been delivered to customer A and since there is no sign off yet, I would gather there is no income recognition at that point. I'm thinking along the lines of the product being a piece of software like office 365.


    ...
    See more | Go to post

    Leave a comment:


  • Craig@Clarity
    replied to Is accrued income taxed?
    Apply the percentage of the work completed to the fixed price and provide for it as work in progress (Credit Sales, Debit Work in Progress)....
    See more | Go to post

    Leave a comment:


  • Craig@Clarity
    replied to Is accrued income taxed?
    If you've delivered the work but have not received payment or invoiced yet then it would go in as accrued income or work in progress. If you've invoiced, then it goes in as sales and you pay CT on it. Either way, where there is billable work completed, you need to recognise that value and include...
    See more | Go to post

    Leave a comment:


  • Craig@Clarity
    replied to VAT on expenses question
    It still amazes me that agencies still get this one wrong. Your company incurs an expense whether there is any VAT on it or not. Let's say £100 plus VAT = £120
    Your contract with the agency says you can "recharge" your expenses 100% to the end client. Therefore on your invoice you...
    See more | Go to post

    Leave a comment:

No activity results to display
Show More
 

13 July 2021


12 July 2021


25 June 2021


7 June 2021


17 May 2021


23 April 2021


22 April 2021


21 April 2021


10 April 2021


6 April 2021


28 March 2021


Working...
X