LTd company accounting / Dividend - Urgent please help

[Simply]

I am a contractor and working through my own limited company, which I set up about 6 months back. I am the sole shareholder of the company. I am planning to apply from PSW to Tier-1 in the next few days (if the below works out otherwise have to wait until 15th of March).

Today I sent invoice £8000 (excluding VAT) to my agency for the work I have done from 1 Feb to 28 Feb. The agency will pay me against the invoice on 15th of March (this is as per their payment cycle).

Here my query is whether I can include £8000 in the P&L statement as turnover for the month of Feb and in the balance sheet as debtors and then can take dividend on these earnings before 15th March.

I have sufficient balance in my business bank account to take the dividend. The balance is for the payment of corporate tax, that I have to pay only towards the end of year 2011 once the annual accounts of the company are prepared.

Please note I have already taken dividend and salary against what I have earned until Jan-11.

My agency is ready to approve the invoice and mention on the invoice that the £8000 will be paid on 15th of March.


I have discussed this with my accountant and according to him there is no problem in taking dividend before 15th March on the earnings as this is within the accounting principles.


However I am not very sure whether UKBA will accept this, so want to take a second opinion.


Sunil –ACCA / other accounting experts / seniors / moderators, could you please advise /help me on this situation.