Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
Just create a second income stream within the computer software - which adds into the main source - of turnover each month (and annually)
Then you can identify easily where this money has come from within the
over all partnership and make sure you get the benefit of all expenses incurred.
If you are unsure how to create a second stream within the software you are using then get in touch with the company that provide the sotware support.
Hi don't think i explained myself very well. I am happy to enter it as other income but do i have to say its an invoice?
Thanks for your question
No, as you would not have earneds it through the rasing of an invoice - so for example I earn mney by rarsing invoices with my accountancy firm and I earn money through this forum, Just Answer.(non invoiced)
So I make entries Invoice 1 - 12 say in Month 1
Then month end 1 - £xxxx from Just Answer
Invoices 13 to 27 MOnth 2 and so on and so forth
Then Month end 2 £xxxx from Just Answer and so on and so forth
So I can see a running total of my TOTAL income which has come from 2 sources (in fact I have a third and that is also non invoiced as its employment income so that does not even go into my accounts!)
Hope that helps make amtters clearer
Hi Sam thanks for your patience.
So I have entered invoices for my services
I have added two lines to other income for Auction House & another source of income similar.
Final question just to check I'm reporting correctly. All is therefore subject to VAT?
Thanks for your new question, which I am afraid as per Just Answer policy should be listed as a new question (im so sorry!) or I can offer you the additional services (which does mean also a further charge as listing a new question does)
Let me know how you wish to proceed.
sorry i was using it as a way of checking I was actioning what you had advised correctly.
what i was checking referred to the initial question:
Is this what you meant.
Yes indeed - perfect
I can answer as many questions as you need from the intial question, but sadly any new threads (and in this case the VAT position) would need to be addressed as a new thread/additional services
Let me know if you need any further assistance with your original post, and if it would be possible for you to rate the level of service I have provided with your question, it would be very much appreciated as this ensures I am credited for my time