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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13695
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am a partnership & we have just registered as

Resolved Question:

Hi
I am a partnership & we have just registered for VAT as we went over last year. I am therefore now computerising my accounts & I have a question.
We are a removals & clearance company & provide clearance services for which we charge. Happy with this invoicing side. However as a by product we have items of furniture from the clearance that we then send to auction. they then sell this & send us a statement of our costs & earnings. Obviously we receive more than our costs. How do i show this income?
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

Hi

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.

Thanks

Sam

Customer: replied 1 year ago.

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?

Expert:  Sam replied 1 year ago.

Hi

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

Thanks

Sam

Customer: replied 1 year ago.

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?

Expert:  Sam replied 1 year ago.

Hi Julie

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.

Thanks

Sam

Customer: replied 1 year ago.

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:


So I have entered invoices for my services


I have added two lines to other income for Auction House & another source of income similar.

Is this what you meant.

Expert:  Sam replied 1 year ago.

Hi

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

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13695
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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