Originally posted by russtifer
View Post
- 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.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Expense paid by direct debit - what date for expense?"
Collapse
-
-
Depends if you re using cash or accrual basis accounting for VAT... For continuing services the VAT point is the invoice date so that is what I would use.
Doesn't really matter how you pay for it as long as it is paid but paying it personally then raising an expense claim against YourCo and recovering it that way gets your money back and the VAT accounted for (is there VAT on insurance, incidentally? Have a read of this...).
Or ask QDOS if you can change the payment vehicle, I suspect they won't be that worried who is paying the bills.
Leave a comment:
-
I'd use the invoice date as it's the only documented date to pin it to.
Mind you I never pay by Direct Debit.
Leave a comment:
-
Expense paid by direct debit - what date for expense?
I've made a bit of an error - I purchased some business insurance from QDOS but chose to pay via direct debit (I'm not sure why in hindsight - I was just starting out).
I'm paying for it out of my personal account and wish to claim this expense from my limited. I have received an invoice from QDOS for the full amount on 20th February this year (with the mention that it's to be paid as N equal instalments).
My question is - do I class this as an expense for the full amount on the 20th February and pay myself back the full amount (leaving me to worry about the direct debits) or do I expense each month that I actually pay the instalment as a separate item?
I'm guessing it's the former but I can't find anything to confirm this. Lesson learned - don't muck around with direct debits for such small amounts!
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: