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Post Info TOPIC: £50 gift by bank to open account


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£50 gift by bank to open account
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A client has opened a bank account and the bank has given them £50 for doing so.  How would I account for this?  Is it taxable income?  Which account would you assign it to?  Thanks.



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Hi,

as its not revenue from ordinary activities it goes to other income.

Its taxable income the same as any other but should be presented seperately in a similar way as profits on disposals.

You will probably find that on the face of the accounts they get produced showing it bundled all together with ordinary revenue but in the notes to the accounts there will be a breakdown between revenue from ordinary activities and other income.

HTH,

Shaun.


p.s. as its Christmas I'll break my anti Sage advice rule and say that I would put it to a 49xx code. Either 4900 as misc income or as a new nominal in the 49xx series for introductory payments. (Merry Christmas. Yo Ho Ho)

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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.



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Hahaha I just knew it.

CLOSET SAGE USER ALERT BWOOP BWOOP BWOOP CLOSET SAGE USER ALERT BWOOP BWOOP BWOOP.


Smelly Christmas Shaun

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Shhhh.... Don't let anyone know... Oh God, too late, lol.

Af'noon matey,

There's quite a good cowboy film with Tom Selleck and Alan Rickman set in Australia called Quiqley down under.

The rancher (Rickman) who thinks of himself as a gunslinger is wiping out the Aborigines on his land and Tom Selleck ends up defending them.

During the film Tom Selleck comes out with the line that he doesn't use a six shooter.

At the end of the film he kills Rickmans character with one and as Rickman is dieing confused at being outgunned by someone that doesn't apparently use a six shooter Tom Selleck says the line :

"I said that I don't use one... Never said that I couldn't".

Thats me with Sage. I can use it. I just don't like it and it's certainly not my weapon of choice.

So, whats Santa bringing you this year matey?

Apparently I'm getting a bag of coal dust as I've been a very naughty boy this year... Fingers crossed Santa might change that to Sons of Anarchy season 5 at the last min.


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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.



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Don't break any rules on my account! I have recently got rid of my only Sage client and am turning them away now. I really had enough of it and didn't enjoy using it at all. I'm using Quickbooks with all but one now and that one is changing over in April. Yey.
Thanks for the answer.

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Hope the six shooter was a Magnum. Ta-da! straight from a Christmas cracker.

Haven't a clue what I'm getting. I'm one of those awkward people that tells everyone not to bother about me.

I hate choosing so i make it as hard as possible for others too. Merry Christmas to them all and let the games begin.



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Nice one.

Another convert it seems to my campaign of making the world a better place one ex Sage user at a time.

Merry Christmas Princess.

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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.



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Spamkebab wrote:

Merry Christmas to them all and let the games begin.


And on that note I want to see the Hunger Games, catching fire but we've still not even had chance to see the desolation of Smaug yet... Damn it. Sod the clients. We're off to see the Hobbit today. Some things are just too damn important to keep on hold.

lol on the don't buy me anything front... I use that line and god help anyone who takes any notice of me, lol.

 



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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.

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