P+R 1 Description : Parking Expenses Motor expenses
Even if the director claims mileage parking is still allowable (but parking fines are not)
kind regards,
Shaun.
p.s. welcome to the forum. always good to have more fellow VT users on board. If ever Bill (Wella) says there is one way to do things in VT and I say another, he's the one that is correct.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
One more question as most of those expenses was repaid directly back to the companies account. How to do the entries for it? Receipts - Cost of Sales and Carriage ?
The work related parking is an expense of the company.
The only entries should have been the money coming out of the bank and paying the parking (or reimbursing the director for parking paid on the companies behalf).
Are you saying that someone now repays the company for their parking charges incurred?
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I just got same day money tout ex: £0.85 - Westmisnter parking and same day Money in: £0.85 Westminster Parking. director explained that he was reimbursed almost all payment for parking.
You have to be careful with these things as some reimbursements are easy to end up as taxable income. However, reimbursement of parking is fine (see EIM21685).
The reimbursement will be recorded as income which will be matched by the associated expense so there should be no additional corporation tax liability (not that there would be a lot on 85p!).
When recording the transaction in VT ensure that the receipt of the 85p goes to "income", "other operating income". NOT "income", "fee's" as this is not a fee and should not be considered as such.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
