PAYE On-line filing fee -accounting treatment


P

Paul S

We 'received' £250 On-line filing fee incentive (for filing P35 last year).

What's the correct accounting treatment ?

Do we;

1)
Dr PAYE Control
CR a Miscellaneous Income account

2)
Dr PAYE Control
CR Staff Costs admin account

I'm using QuickBooks. I assume I'll need to do a journal.

Also, when would be the correct timing (entry date) for such a journal ?
When HMRC confirm entitlement ?
 
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M

Martin

Paul S said:
We 'received' £250 On-line filing fee incentive (for filing P35 last
year).

What's the correct accounting treatment ?

Do we;

1)
Dr PAYE Control
CR a Miscellaneous Income account

2)
Dr PAYE Control
CR Staff Costs admin account
HMRC guideline is "Other Operating Income".

Don't forget to adjust for it in your tax comp.
Also, when would be the correct timing (entry date) for such a journal ?
When HMRC confirm entitlement ?
Yes. Thankfully, this year (for the first time) HMRC have confirmed
entitlement within a week or so of filing.
 
P

Paul S

Martin wrote:

HMRC guideline is "Other Operating Income".
Don't forget to adjust for it in your tax comp.
Yes. Thankfully, this year (for the first time) HMRC have confirmed
entitlement within a week or so of filing.
[Remove barrier to reply]
Thanks.

Sorry, should've said were a 'Not-for-profit' organisation.

I guess HMRC are pointing us to Cr. Income rather than Dr. Expense though.
 
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P

Peter Saxton

Martin wrote:

HMRC guideline is "Other Operating Income".
Don't forget to adjust for it in your tax comp.
Yes. Thankfully, this year (for the first time) HMRC have confirmed
entitlement within a week or so of filing.
[Remove barrier to reply]
Thanks.

Sorry, should've said were a 'Not-for-profit' organisation.

I guess HMRC are pointing us to Cr. Income rather than Dr. Expense though.
A general principle is to not net-off.
 

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