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Post Info TOPIC: Self Assesment Posting
valsy2002


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Self Assesment Posting
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Hi there

I am working for a company who is not limited and the proprietor has to pay self assesment tax. Can anyone help me with where i should post this payment to? Also he pays monthly NI contributions. I have previously been posting this to 2211 (National Insurance) but they have since started payroll and this is knocking my real NI figures out!! I am using SAGE instant accounts version 12

any help would be greatly appreciated

Valx

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AngelaWBS


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Hi Val

Self assesment tax (they are usually paid in July and January) and the monthly Class 2 NI contributions need to be posted to the drawings/personal account, which on Sage is in the 3200 coding area. 

The NI and tax calculated via the payroll is correct in being credited to the 2200 area, and debiting the expenses accounts in the 6000/7000 area, because the liability this then cleared when you pay HMRC by debiting the 2200 area and crediting the bank (hope that makes sense).  Sorry for the vagueness on account codes.


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Angela
http://www.bookkeeping-suffolk.co.uk/
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