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Post Info TOPIC: VAT and PAYE Nominal Codes
setmoa


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Date:
VAT and PAYE Nominal Codes
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Hi

I just wanted to double check myself:

I have a Trial Balance with the following figures for VAT and PAYE:

2202 Vat Liability - Dr Balance £3,406.32

2210 NI & PAYE Control - Cr Balance £10,039.58

1. From what i understand the amount in the Vat Liability account 2202 should be a credit balance of whatever you owe for the current VAT period.

2. the NI & PAYE account 2210 should be a credit balance for the exact amount that you owe to HMRC for the current period.

I'd appreciate it if anyone can confirm these for me.

Thanks biggrin

 



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ADAS


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Posts: 827
Date:
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on the whole yes.

But

1. could be a vat repayment due from hmrc or a payment made to HMRC but the return wasn't closed off or opening trial balance posted

2. assuming the liability is paid on time and it's not the sum of several periods.

__________________
Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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