18 February 2020

Accounting periods and accruals

Now we are getting a bit technical: for accounting and tax purposes it is very important to ensure that income and expenses are captured in the correct period, usually the calendar year.

Sounds obvious and easy, but it is slightly more difficult if you want a good understanding of how your year was e.g. you report your income to the insurances only in April after the relevant tax year.

You then only receive the final assessment for the last year in May and pay it in June.Nearly six months after the end of the year you pay money that really relates to the prior year. Luckily, the tax authorities offer certain simplifications if you apply a simple method of bookkeeping.

But now you have heard about it and we can help you to minimize the effect by being aware and on time.

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Alex Troschel
SimplewealthKickstartTroschel Treuhand & Beratung
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