Hello,
I am a sole trader and am currently doing my self-employment tax return. One of my regular gigs is doing copywriting work for a music agency who I invoice monthly.
One month, rather than invoicing the company for a monetary transfer, I instead asked to be paid in store credit. This means that no money entered my bank account that month from the company in question, though I did invoice them for the store credit. I should also note that if you get paid in store credit rather than money then the amount that you receive for your work is slightly higher (about 25%).
My question is - am I to declare none of this money, the amount that I would have been paid if it had been a monetary transfer (as in minus the extra 25%), or the full amount of credit for which I invoiced?
Thanks.
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