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Recent content by bobbygee
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Cash-basis of umbrella costing Tax-Free income
"also describes the tendency to rummage in your underwear massaging ones genitals as if looking for litter to pick up" Unfortunately in the office today. :D- bobbygee
- Post #27
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
Great, thanks, see you in Vietnam :) And thanks everyone for being gentle while taking my contracting innocence away- bobbygee
- Post #25
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
You've said it three times, and I understood it the first time. My question to HMRC, which was NOT the question at the start of the call with HMRC :rolleyes: is why is there this loophole where a person could earn an amount in one tax year, then get paid that amount whenever their employer...- bobbygee
- Post #21
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
Ok, so I'll ask you the same question I asked HMRC, what would stop someone from earning 44k, and having the invoices 'paid' over 4 years, paying no income tax, while living like Marlon Brando in Vietnam?- bobbygee
- Post #17
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
Good question! I would like to know if its reasonable for an umbrella to calculate on an Accrual basis, or to do so if its in their employee's interest, and if its the standard or not. (from what I've understood its a requisite for large companies anyway) Edit: I'm using Contractor Umbrella...- bobbygee
- Post #15
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
On a cash-basis: Position as of 6Apr, does not include an invoice from 3Apr. On an Accrual-basis: Position on 6Apr, includes in Invoice on 3Apr.- bobbygee
- Post #8
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
Well, I was on the phone to HMRC yesterday, and they confirmed that its down to how the company processes their accounts, whether they take the invoice into account when its placed (Accrual) or when its filled (Cash-based), for the company's tax year, and would be irrelevant when I'm actually...- bobbygee
- Post #7
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
Sorry, to clarify, I didnt invoice the client directly, the umbrella did, and no mention of Accountancy basis in the contract.- bobbygee
- Post #4
- Forum: Accounting / Legal
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Cash-basis of umbrella costing Tax-Free income
Hi Nice to meet you all, I've only been in the game for a short while, but I would like a few thoughts on whether Umbrella companies should or usually would use a cash-basis or an accrual-basis, for their accounts. Basically, I have worked for 2 months in the Tax year 17-18, invoiced the...- bobbygee
- Thread
- accrual cash invoices tax year
- Replies: 29
- Forum: Accounting / Legal
