Annual return questions

[Murph]

Guys
Two questions
My tax year is 01st June 2007 to 31st May 2008.
I received payment in June 2008 for work carried out for May. Should this figure be included in my annual return or left untill next year?

Also how long after the annual return date do I have before I have to pay any owed VAT \ TAX to the revenue?

 

[Graham_07]

My tax year is 01st June 2007 to 31st May 2008.
I received payment in June 2008 for work carried out for May. Should this figure be included in my annual return or left untill next year?

The June payment is either a debtor ( invoiced before year end) or Work-in-Progress at year end and is to be included in the year ending May 08. Accounts are normally prepared on the "accruals" concept so you include debtors and creditors owing to/by you at the year end.

My tax year is 01st June 2007 to 31st May 2008.

Also how long after the annual return date do I have before I have to pay any owed VAT \ TAX to the revenue?

VAT will be due by the 19th of whatever VAT filing you are set up for, bi-monthly, quarterly, etc. Tax Return for 2008 is due by 31/10/09. ( extension to mid-November for ROS filing) THere are rules on preliminary / final tax payments depending on whether you are commencement or continuous business.

 

[Murph]

Thanks for that Graham,
I am getting mixed messaged from my soon to be fired accountant.
It's a shame that you have to pay for a service but still come to a free message board for advice.

Thanks again.

 

[Graham_07]

Thanks for that Graham,
I am getting mixed messaged from my soon to be fired accountant.
It's a shame that you have to pay for a service but still come to a free message board for advice.

Thanks again.

There is no substitute for appropriate one-to-one professional advice. Not saying this is the case here but sometimes accountants answer the question they think they are being asked which is not necessarily the one the clients think they are asking. If in doubt ask for clear answers to clear questions. Best of luck.