I also deal with deposits.
1) Deposit received in bank
Cr Accrued Income (B/S)
2) When holiday letting completed
Dr Accrued Income
Cr Sales (P&L)
You can only take the income once the holiday let has been satisfactorily fulfilled. If a deposit has to be repaid before then, it's Dr Accrued Income, Cr Cash with the repayment
My understanding of the HMRC rules, is that when your client becomes subject to VAT, the Output VAT has to be accounted for when the deposit is received (i.e. stage 1 above)
HSBC and Lloyds both do this
Agreed - this is what our (expensive) payroll software used to do for SMP.
Thanks Moonbeam - that's what I did. A very nice man has closed down the partnership record and cancelled the penalties.
One happy client and one relieved accountant!
Yes, hadn't appreciated that point - the 2016/2017 return was filed in July 2018, the 2017/2018 return would have been issued 06/04/2018.
This is what we used to ask for when I worked in industry
The penalty notices were sent to the individual partners.
Thanks, but send what back uncompleted?
The card machine at my barbers is frequently "out of service" so I have to pay cash anyway. Just thought, I wonder if that's deliberate...
Another vote for Quickfile. £54 a year. Has some idiosyncrasies but has some really good features e.g. pulling company info from Companies House