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Post Info TOPIC: Statutory Maternity Pay
Moonraker


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Statutory Maternity Pay
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Hi All,

One of my clients employees is on maternity leave  -how do I account for SMP in the books? (I use Sage 50 accounts by the way)

Any advice greatly appreciated.

 

Many Thanks

 

 

Richard

 



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Stardoe


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Hi Richard,

Do you want to know how to do the journal for wages including SMP? Who normally does the payroll and do they pass on the figures for you to input?

Pauline

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Pauline
Stardoe


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Assuming you need to know the journals for entering SMP...these are as follows:-

7000 DR Gross wages (inc SMP)
7006 DR Employer's NI
2210 CR PAYE & NI Ctrl
2220 CR Net wages
7011 CR SMP Reclaimed
7013 CR NI Compensation
2210 DR PAYE & NI Ctrl (with total amount of SMP reclaimed and NI compensation).

(Your codes may differ slightly).

The amount of SMP you are entitled to reclaim depends on the size of your business and the amount of Class 1 NI it pays. (Think it is £45,000 in the previous complete tax year to entitle you to reclaim 100%).

HTH
Pauline

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Pauline
Moonraker


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Hi Pauline,

 

Many thanks for your help - this is just what I was looking for.

 

Richard



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