Rules on taking deposits/booking fees

[JulesLondon]

Hi guys,

I was wondering if anyone knew the legalities of taking deposits/non-refundable booking fees. Also, does it effect your taxes at all or do you just include it as part of the appointment charge if they fulfill the appointment and declare any non-refundable booking fees that covered cancellations separately?

Thanks in advance! I find this kind of stuff quite confusing haha xx

 

[BannerPenguin]

Hi guys,

I was wondering if anyone knew the legalities of taking deposits/non-refundable booking fees. Also, does it effect your taxes at all or do you just include it as part of the appointment charge if they fulfill the appointment and declare any non-refundable booking fees that covered cancellations separately?

Thanks in advance! I find this kind of stuff quite confusing haha xx

Hiya,

Best way to do it is take non-refundable booking fee and this would come off the whole cost of the appointment once fulfilled or just declared as an income if not fulfilled.

Deposit vs Booking Fees
Deposit gives the impression of they are entitled to there money back and I think if memory serves they're legally entitled to it back

Non-refundable booking fee
Exactly what it says on the tin.

 

[JulesLondon]

Hiya,

Best way to do it is take non-refundable booking fee and this would come off the whole cost of the appointment once fulfilled or just declared as an income if not fulfilled.

Deposit vs Booking Fees
Deposit gives the impression of they are entitled to there money back and I think if memory serves they're legally entitled to it back

Non-refundable booking fee
Exactly what it says on the tin.

Amazing, thank you so much for your help!