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TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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if i recieve a bill, which is due to be paid in march 2013,

Resolved Question:

if i recieve a bill, which is due to be paid in march 2013, but i pay it late (after april 2013) which financial year does that payment belong to? 2013 or 2014?
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for allowing me to assist you.
That would depend on your accounting.
Using cash basis - record money when it actually comes in and goes out of your business (all money counts - cash, card payments, cheque and any other method)
Using traditional accounting (accruals basis) - record income and expenses when you invoice your customers or receive a bill
If cash then the payment goes to after April 2013. If accrual, then when the bill was received.
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