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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,

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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?
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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