What are the requirements?but you must meet the Revenues requirements to do this
There are details on the Revenue website
Sorry its called the "Monies received basis" rather than the "cash basis" https://www.revenue.ie/en/starting-...-tax/moneys-received-basis-of-accounting.aspx
Although this refers specifically to VAT I think it would also be acceptable for other Revenue purposes.
How do your clients know what to pay you if you don't issue invoices?
It seems that they decide what to pay you? That is odd.
But as long as you make sure you have some time sheet system or dispatch system which controls your income, then that is ok.
At some stage, you may well have a Revenue Audit. They might well be suspicious of a system that does not have invoicing based on services provided.
Hmmmm.... your customer sounds like an internet giant who are self-accounting. Likely you have agreed to this in the T&Cs you have signed. Nevertheless, you are required to have invoices. I think you should produce invoices that, in essence go nowhere as you say your customer does not require them, but which you should retain yourself and use for your accounting.
You may also have VAT considerations depending on jurisdiction of your customer.
All the above assuming it is an internet enterprise.... is it?
I'm registered for VAT on the monies received basis, I also record all purchase invoices on the day their paid as they're all paid up front.
For example the period:
23/9/2019 - 29/9/2019 $5,000, invoice raised 2/10/2019, payment due today (Which will arrive say 3 days later)
Is this invoice date acceptable or would it have to be 29/9?
Hi Brendan, right now I'm honestly just looking for the way I should be doing it from a legal compliance perspective, i.e. on what day I raise invoices.
For example. If you sold €10,000 worth of goods in December and did not include that in your calculation of profits, I would say that Revenue would regard it as incorrect. It would depend on the scale of it. But if it were material, you could find yourself in trouble.
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