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Post Info TOPIC: Confused about Pension costs and car allowances?
Freifer


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Confused about Pension costs and car allowances?
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Ok here is an extract from the trial balance for this company I am doing

Car allowance  7000

Pension costs  8500

Computer equipment 200

Ok. For computer equipment I put that in inventory as it is going to be used with the business to generate sales. Car allowance and pension costs for employees is that a Non current liability? I know HMRC VAT and NI are in the current liability but how do I judge the pension cost? Its a cost to the employer yes? So therefore its a non current liability ? This question is baffling me, your expert judgement would be greatly appreciated.



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RobRJBS


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Hi,

Are there entries in the profit and loss account for the pension and car allowance? Also please confirm if the balance is a debit or credit?

Rob



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Rob Director R & J Business Solutions (www.rjbusinesssolutions.co.uk) @RobRJBS
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