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Post Info TOPIC: Credit note (self-employed)
Borboleta


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Credit note (self-employed)
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Hi everyone,

I've had to refund part of a student's payment as he moved too far away for me to continue teaching him. As I had made an invoice for this, I guess I now need to make a credit note. Is there anything I need to know about this? Can I just give it a unique number and put the amount refunded?

Thanks as always :)



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YLB-HO


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Yes, that will work.

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Frauke
BKN Book-keeper of the year 2011
Borboleta


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Thank you! When it comes to declaring my income, would I still declare the amount he first paid me and then count the credit note as an "expense"?

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Dinky


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The credit note does not get treated as an expense but as a reduction in your income.

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Sue 
Borboleta


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Thanks Sue - so I just decrease the income accordingly?

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Cheshire


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Hi
Your income from this business will be all invoices added together, minus the credit note you are issuing.

Im assuming you are self employed? if So then dnt forget when 'declaring' your income on your tax return there will be other income to include in the non 'business' ie other parts of the tax return eg interest on Bank deposits etc.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Borboleta


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Thanks Joanne. Yes, I'm self-employed but this is my first year, so am yet to do a tax return. The HMRC website seems quite helpful, along with the lovely people here, so I'll probably have more questions then :)



-- Edited by Borboleta on Friday 6th of March 2015 10:12:35 AM

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