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Post Info TOPIC: what nominal code should be used when adding liability insurance?
beckyboo


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what nominal code should be used when adding liability insurance?
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Hi all,

Hope you all are well?

I hope someone can help... I just wondered what nominal code i should use when entering a Liability insurance invoice onto sage line 50?

Its proberely a silly question but im really new to all this.

Thanks very much

Becky Boo no


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beckyboo


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Also which T/C to use? thanks

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Stardoe


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Hi Becky,

Not a silly question...apparently there's no such thing! smile.gif

Assuming a standard chart of accounts I have liability insurance as 8204. Unless there is VAT showing on the invoice, I would use tax code T2.

HTH
Pauline

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Pauline
MarkS


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Hi Becky

Would just code to wherever you have your other insurances coded too.

The invoice/documentation should say what VAT there is, if any, on the payment.

If no details i would code as T9.

Thanks

MarkS

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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Stardoe


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Beat you to it by a minute Mark! smile.gif

Although I suggested tax code T2, I suppose it boils down to that long running argument about items that are exempt or outside the scope?

Pauline

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Pauline
beckyboo


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Thanks so much for your help Pauline and Mark. I was thinking of coding it to T2 so will stick with that. I have used 8204 nominal code.

Thanks again to both of you!

Becky Boo x

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gbm


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Pretty sure that insurance is exempt, not outside the scope.

Also, just to be sure, insurance premium tax (IPT) is not VAT.

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Regards,
Nick

Website: www.gbmaccounts.co.uk
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