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Post Info TOPIC: Profit and loss and PAYE
rachael-pink


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Profit and loss and PAYE
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Hi

Can I just confirm that the only tax that should appear on the P&L is PAYE as it is another monthly liability? Is that right?

Cheers

Rachael



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Georgie


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Hi Rachael
The wages appear on the P/L but any tax I.e PAYE, VAT etc are on the Balance Sheet as they are liabilities

Georgia

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Chris1974


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Hi Rachael
Employers NI will show in the P&L as a cost to the company. PAYE/VAT etc. will sit on the balance sheet.
Regards
Chris


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Hal


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Wages and PAYE incl NIC will go through expense nominals in the profit and loss account as they are paid.

IF they are not paid as they fall due, then they should show as liabilities in the balance sheet.

Hal

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Hal
lizg78


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The gross wages appear in the P&L, plus Employers NI, so essentially yes, the PAYE is included in the wages figure as it is the total cost to the company. The PAYE liability then goes in the balance sheet.

Liz

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rachael-pink


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So on another note. If the company has paid a tax bill that month would that show on the P&L because they have paid it?

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Sharon Eyre


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no that would go to the liability account as it is a balance sheet figure

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Regards

Sharon
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