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nominal codes

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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CMK22
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Sage Version: v2009 15 UK/Europe/Africa

nominal codes

Post by CMK22 » 18 Feb 2010, 15:08

Hi
Thanks for your help earlier, I have one more question, I am sorting through the previous two years payments to Inland Revenue, can you tell me which nominal code I should be posting the self assessments and Capital Gains tax to? I really am not sure??

Thanks
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brucedenney
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Sage Version: v30 UK/Europe/Africa

Re: nominal codes

Post by brucedenney » 19 Feb 2010, 20:18

Self assessment is a personal expense (one of the directors/partners perhaps) and should not be in the business, CGT could also be a personal expense, typically, in a Business, these are liabilities that are known about long before the payments are made and are incurred in prior years to the current so have liability account balances in the balance sheet that have been brought forward.

In this case, I am dubious if this is a business or personal liability

If a personal expense then it should go against a directors loan account or a partnership drawing account depending on the type of business.
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