CT tax and returns

[humble_pie]

My accounting period finished on 30th of November 2018. I was due an invoice of £4900 by an client which was paid 2 months after 30th of November 2018.

Since this payment was cleared within 9 months window of submitting returns to company house and HMRC. I am not sure, if I include these figures into my turnover this year and pay CT or Include them next year.

I have included them in Balance sheet as debtors amounts falling due within one year.

[pawncob]

As it was a debtor at 30/11, it was included in the accounts to that date.

[humble_pie]

As it was a debtor at 30/11, it was included in the accounts to that date.

Ok, but my turnover figures don't reflect this amount, shall I update my turnover figures with this amount ?

[robbob]

Ok, but my turnover figures don't reflect this amount, shall I update my turnover figures with this amount ?

Yes the sales total must be included

BUT

What you have said doesn't really make much sense for us accountants as we are used to proper double entry system where both parts of any transaction are always posted.

example here would be dr trade debtors 4900 cr sales 4900

Note if you have only included the the debit entry on trade debtors this would suggest your figures shouldnt add up - so the question is do you figures add up? and if they do where was the £4900 credit adjustment entered to make those figures add up if not turnover.

[humble_pie]

Ok, but my turnover figures don't reflect this amount, shall I update my turnover figures with this amount ?

Yes the sales total must be included

BUT

What you have said doesn't really make much sense for us accountants as we are used to proper double entry system where both parts of any transaction are always posted.

example here would be dr trade debtors 4900 cr sales 4900

Note if you have only included the the debit entry on trade debtors this would suggest your figures shouldnt add up - so the question is do you figures add up? and if they do where was the £4900 credit adjustment entered to make those figures add up if not turnover.

I am still doing figures in excel. But I assume by figures adding up you mean, P&L figures and balance sheet figures ?

[pawncob]

If you prepared a balance sheet, did it agree? That means all debit totals agree with all credit totals.

[humble_pie]

If you prepared a balance sheet, did it agree? That means all debit totals agree with all credit totals.

I got it now, I think I know where I am making mistakes... let me do detailed P&L first before doing the balance sheet. let me fix it then get back to you awesome guys.

[humble_pie]

Ok, but my turnover figures don't reflect this amount, shall I update my turnover figures with this amount ?

Yes the sales total must be included

BUT

What you have said doesn't really make much sense for us accountants as we are used to proper double entry system where both parts of any transaction are always posted.

example here would be dr trade debtors 4900 cr sales 4900

Note if you have only included the the debit entry on trade debtors this would suggest your figures shouldnt add up - so the question is do you figures add up? and if they do where was the £4900 credit adjustment entered to make those figures add up if not turnover.

Your absolutely correct, only way figures add if I enter 4900 in turnover and show it as trade debtors on balance sheet. Now that clarifies that part. Now the real question, does this 4900 goes under previous year's account or this year's account ?

[robbob]

Your absolutely correct, only way figures add if I enter 4900 in turnover and show it as trade debtors on balance sheet. Now that clarifies that part. Now the real question, does this 4900 goes under previous year's account or this year's account ?

Your question is somewhat confusing in that i would expect it all to make sense now - never mind i want bangers and mash for mee supper but i aint gonna get that either

anyway

the turnover is part of the year 30/11/2018 and is included in the year end 30/11/2018 submission only - note if historical figures are included in the accounts it will be part of the historical total comparative next year but that comparative doesn't do anything other sit there striving for attention.


it is not clear to me what year you mean when you say previous year or current year - hopefully the confirmation that the sales are on 30/11/2018 year submission is enough - i am guessing its what you would class as current year if you are in the process of submitting that years return now - even though its in the past as we speak.

[humble_pie]

Your absolutely correct, only way figures add if I enter 4900 in turnover and show it as trade debtors on balance sheet. Now that clarifies that part. Now the real question, does this 4900 goes under previous year's account or this year's account ?

Your question is somewhat confusing in that i would expect it all to make sense now - never mind i want bangers and mash for mee supper but i aint gonna get that either

anyway

the turnover is part of the year 30/11/2018 and is included in the year end 30/11/2018 submission only - note if historical figures are included in the accounts it will be part of the historical total comparative next year but that comparative doesn't do anything other sit there striving for attention.


it is not clear to me what year you mean when you say previous year or current year - hopefully the confirmation that the sales are on 30/11/2018 year submission is enough - i am guessing its what you would class as current year if you are in the process of submitting that years return now - even though its in the past as we speak.

Hopefully your supper will be tasty

Ok what I mean with current year is...


My Turnover for last year was X amount, and I invoiced for 4900 to an client during my last year. But the client paid 2 months after year end date of 30/11/18.
Now when I am going to submit my returns next month, will my turnover be X + 4900 ? or when this current year which is going to end on 30/11/19 will include this 4900.