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Posting the Fixed Profit Car Scheme / VAT Scale charge

 
 
Troy Steadman
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      02-10-2004, 08:12 AM
To save you the trouble of telling me what an idiot I am, my journal
in the other thread is *wrong*. Out of the darkness perhaps can come a
little light:

1) A Director submits a claim under the Fixed Profit Car Scheme. The
journal is Dr Motor Expenses Cr Cash or Director's Loan Account, but
should those Motor Expenses be added back in the CT Comp?

2) What is the double entry to post the VAT Scale charge, so that Net
Outputs and Motor Expenses are both correct?
 
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Doug Ramage
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      02-10-2004, 08:58 AM

"Troy Steadman" <(E-Mail Removed)> wrote in message
news:(E-Mail Removed) om...
> To save you the trouble of telling me what an idiot I am, my journal
> in the other thread is *wrong*. Out of the darkness perhaps can come a
> little light:
>
> 1) A Director submits a claim under the Fixed Profit Car Scheme. The
> journal is Dr Motor Expenses Cr Cash or Director's Loan Account, but
> should those Motor Expenses be added back in the CT Comp?
>


FPCS does not apply after 2001-02. I assume you mean AMAP (Approved Mileage
Allowance Payments)? Either way, there is no add back for CT.


> 2) What is the double entry to post the VAT Scale charge, so that Net
> Outputs and Motor Expenses are both correct?


The Vat Scale Charge only applies to* private* fuel, not, as in this case,
business fuel.
--
Doug Ramage





 
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Troy Steadman
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      02-10-2004, 09:55 AM
"Doug Ramage" <(E-Mail Removed)> wrote in message
news:c0a6es$13kemn$(E-Mail Removed)-berlin.de
>
> FPCS does not apply after 2001-02. I assume you mean AMAP (Approved Mileage
> Allowance Payments)? Either way, there is no add back for CT.


More rust cleared away, thanks Doug!

> > 2) What is the double entry to post the VAT Scale charge, so that Net
> > Outputs and Motor Expenses are both correct?

>
> The Vat Scale Charge only applies to* private* fuel, not, as in this case,
> business fuel.


I mean if there *is* private fuel, sole trader or Ltd Co, the scale
charge is presumably borne by the individual

Dr Drawings or Loan A/C *NOT* Motor Expenses
Cr VAT

and the notional output cannot be posted at all.




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Doug Ramage
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      02-10-2004, 10:54 AM

"Troy Steadman" <(E-Mail Removed)> wrote in message
news:0d58fa73adfc7916b4a39034ffcfa42d.125090@mygat e.mailgate.org...
> "Doug Ramage" <(E-Mail Removed)> wrote in message
> news:c0a6es$13kemn$(E-Mail Removed)-berlin.de
> >

<snip>
> > > 2) What is the double entry to post the VAT Scale charge, so that Net
> > > Outputs and Motor Expenses are both correct?

> >
> > The Vat Scale Charge only applies to* private* fuel, not, as in this

case,
> > business fuel.

>
> I mean if there *is* private fuel, sole trader or Ltd Co, the scale
> charge is presumably borne by the individual
>
> Dr Drawings or Loan A/C *NOT* Motor Expenses
> Cr VAT
>
> and the notional output cannot be posted at all.
>


Sorry, mis-understood. Yes, it will be Drawings.
--
Doug Ramage


 
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