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Post Info TOPIC: client paying in vouchers
lor


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client paying in vouchers
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Hi there,

 

If a client was to pay for work done by giving vouchers, e.g. say a hairdresser did someones hair, and then the client paid them by giving them vouchers, these were circuit tickets and the client is a circus, would the client need to account for the income (vouchers)?.

 

Many thanks

 

lor



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semsley


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This sound like bartering - there's something here if company is VAT registered http://www.hmrc.gov.uk/vat/managing/special-situations/samples.htm

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Shamus


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Hi Lor,

Sheila's completely right, as always, it is bartering.

take a look at IAS18 revenue which states that revenue is the fair value of the goods or services received or, if this is not reliably measurable, the fair value of the goods or services given up.

Therefore the exchange of circus tickets for a haircut is to be measured at the monetary value of the consideration received for the tickets which have a definable face value in exactly the same way as though it had been receieved in cash.

HTH,

Shaun.




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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
lor


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thank you for your replies, first time I've had this :)


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