No more tax returns? Hmmm... Will wait and see how that pans out.
@kennyhemphill To be honest, I think that's fair enough. Never understood why tax was paid so far in arreas.
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@KevinPocock@bazzacollins It’s only ten months if it’s earned in March. It happens. -
@kennyhemphill@KevinPocock Even then, you don't pay tax on income you haven't received. -
@bazzacollins@KevinPocock tax is calculated on an accruals basis, so on invoiced total for year, not money received during year. -
@kennyhemphill@KevinPocock This is why I employ an accountant :) -
@bazzacollins@KevinPocock Yep, me too. I had to double-check it after reading your tweet. -
@kennyhemphill@bazzacollins I felt well out my depth, so had no input (accountant here too!).
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@bazzacollins Partly because so many self-employed people have difficulty extracting payment from clients, I imagine. -
@kennyhemphill For 18 months? There's something wrong with your business if you're waiting that long for payment.
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