Don't you just love it when...

[Vectis]

... the post hits the mat and there are two completed booking forms for weddings next summer both containing cheques for the FULL AMOUNT ;)

Toy Time... :D

(then he remembers that just means the taxman gets his share of it one year earlier... ho hum :o )

[Dragonfly]

indeed lol until they both cancel 2 months before hand :D :D :D

[Marc J]

Do some checking, I think you might find that the tax point is the day the service is performed, or goods are supplied, not the day you recieve payment....so the taxman can wait :)

Double check that, though, might be different in Scotland / England, also might be that way just for VAT and Income Tax is different....worth a look at though when someone's paid you so far in advance.

[Danno13]

Tax point is at the invoice date usually, so just don't invoice them till next year.

[Vectis]

Tax point is at the invoice date usually, so just don't invoice them till next year.

Correct! Well spotted that man.

The only invoice they've had to date is for the booking fee; that much is taxable this year. The final invoice (showing the earlier part payment) will be issued on the date of the gig (showing 'received with thanks' but it won't say when!) :p

Toys it is then... :D

[Ricesnaps]

... the post hits the mat and there are two completed booking forms for weddings next summer both containing cheques for the FULL AMOUNT ;)

Toy Time... :D

(then he remembers that just means the taxman gets his share of it one year earlier... ho hum :o )

Until you get to next year and realise you have to do the booking but have already spent the money - don't you just hate that!

[rob1963]

Until you get to next year and realise you have to do the booking but have already spent the money - don't you just hate that!

Absolutely!

That's the one thing I dislike about getting paid early.

I often get paid several weeks in advance & spend the money.

When I then go to do the gig, I know I wont be collecting any money, so it almost feels like I'm doing it for nothing.

This is even worse for me, as most of my work is quiz nights...where I always get paid by the pub on the night itself.

[Dragonfly]

thats what i meant by post 2 .... i had 2 in september payed in full the previous december , then cancelled 2 months prior to the date .... obviously had t and c in place but still had to find money to refund people not good when as you say ...... its already in the budget somewhere.

[PropellerHeadCase]

Interesting about the taxation point - in NZ, for GST (roughly equivalent to VAT) at least, you can choose to calculate on invoice date or on date of cash received, depending on your accounting method.

For income it is definitely date of receipt.