Work In Progress

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lightng replied

4 December 2008, 23:39
OK Thanks. Yeah I'll speak to the accountant.
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DonaldG replied

4 December 2008, 19:31
Yes it will increase your tax bill, work in progress effectively adds on to your sales income in the profit & loss account. Your accountant will give you advice on how to value and account for it.
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Cheshire Cat replied

4 December 2008, 16:14
Originally posted by lightng View Post

I'm doing some side work for another client other than my main. Its a five month piece of development work for which I get paid when deliverables are met. Anyway, it spans two tax years so at my year end, some of it could feasibly appear as work-in-progress.

My question is, is there any benefit in me declaring it as Work In Progress. I know that Work In Progress is both a balance sheet and P&L item so will this affect corporation tax adversely if I fess up to it?

No idea.
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lightng started a topic Work In Progress

4 December 2008, 15:48
Work In Progress

I'm doing some side work for another client other than my main. Its a five month piece of development work for which I get paid when deliverables are met. Anyway, it spans two tax years so at my year end, some of it could feasibly appear as work-in-progress.

My question is, is there any benefit in me declaring it as Work In Progress. I know that Work In Progress is both a balance sheet and P&L item so will this affect corporation tax adversely if I fess up to it?
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