Accounting Headings, e.g. for a Conference.


C

Chris Partridge

Hi,

Year end accounts apportion money under various headings, e.g.
Accountancy, Post and stationery, etc. Are there published conventions
on what headings to use or is it just what the author chooses?

We've an employee who was sent to a conference in Bournemouth.
http://www.ukuug.org/events/winter2004/ in case anyone's interested, it
was good apparently. The Co. already pays his yearly membership fee but
this incurred an additional cost. I was wondering what heading's
conventional. "Conference fees"?

Cheers,

Chris.
 
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T

Troy Steadman

Hi,

Year end accounts apportion money under various headings, e.g.
Accountancy, Post and stationery, etc. Are there published conventions
on what headings to use or is it just what the author chooses?

We've an employee who was sent to a conference in Bournemouth.
http://www.ukuug.org/events/winter2004/ in case anyone's interested, it
was good apparently. The Co. already pays his yearly membership fee but
this incurred an additional cost. I was wondering what heading's
conventional. "Conference fees"?

Cheers,

Chris.
"Conference fees" is ambiguous, somebody might want to know where
you held *your* conference which this might imply. If you are sure this
expenditure is allowable for tax purposes (and maybe even if it
isn't) why not simply "Travel" which conventionally encompasses "Hotel"
and "Subsistence".

As far as choosing headings:

1) You will make SA or CT Return and you want your headings to be easily
allocatable into those headings - don't have a "Printing and
Advertising" if "Printing" and "Advertising" will later have to be
declared separately.

2) Take as much out of "Sundries" as you can because that is a figure
the tax man, your bank manager etc will ask about if it accumulates.

3) Try to collect large items and esp disallowables under one heading -
eg "Entertainment".

Otherwise it is a matter of convenience and commonsense.






--
 
K

Keith

In message
Troy said:
"Conference fees" is ambiguous, somebody might want to know where
you held *your* conference which this might imply. If you are sure this
expenditure is allowable for tax purposes (and maybe even if it
isn't) why not simply "Travel" which conventionally encompasses "Hotel"
and "Subsistence".
<snip>

Sometimes, Troy, you can be pompously verbose, mentally obtuse and
deliberately perverse. On reflection, mebbe not 'deliberately' - with
you a natural inclination is indicated..

How on earth can you confuse a 1-person attendee with your inane 'staff
conference' proposition, fercrissake?

Of course it's tax deductible. It's training.

Don't be so - predictably - nit-picky. Join the taxbean counters - you
know it's your predisposed destiny.
 
T

Troy Steadman

Keith said:
How on earth can you confuse a 1-person attendee with your inane 'staff
conference' proposition, fercrissake?

Of course it's tax deductible. It's training.

Don't be so - predictably - nit-picky. Join the taxbean counters - you
know it's your predisposed destiny.
I was a bean-counter. It doesn't matter whether it's training or tax
deductible or what it is, what matters is that the accounts are bland
with nothing to draw attention. "Travel" cannot be correlated to
anything, "Travel and Subsistence" will have Simon's eyebrows raising,
"Conference Expenses" and he'll be thinking "Jamaica?"

Attention to detail is not to be confused with nit-picking :)




--
 
T

Troy Steadman

"Staff Training" I accept is better and is unambiguous. It interested me
when I was in Accountancy where I worked with a fair number of
Chartered Accountants how even 4 partners in the same practice would
hold widely different perspectives on the same thing.

It is the hugely aggressive accountants hiding behind a polite and
urbane manner who give nothing away without having to have it forcibly
wrenched out of them who give their clients best value IMO. The
honest people who try to be up-front with their namby-pamby "Conference
Expenses" inevitably bring calamity down on their clients! :)


--
 
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K

Keith

In message
Troy said:
I was a bean-counter. It doesn't matter whether it's training or tax
deductible or what it is, what matters is that the accounts are bland
with nothing to draw attention. "Travel" cannot be correlated to
anything, "Travel and Subsistence" will have Simon's eyebrows raising,
"Conference Expenses" and he'll be thinking "Jamaica?"

Attention to detail is not to be confused with nit-picking :)
Grrr... stop being so reasonable..

'Training' will put Simon to sleep...
 
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