Tax Free Payment

[MPETER1978]

How R The rest of you or your accountants puting the 2007/08 tax free payment though your accounts if you recived the amount as a cheque rather than on account.

As want to go with what the majority are doing.

[Nixon Williams]

I presume you are refering to the rebate (£100 for 2007/08) for filing the PAYE returns online.

Most of our clients will simply offset the £100 against what they owe for the current year. This saves having to request a cheque, banking it etc., and you get the benefit much earlier than waiting for a cheque.

The income is treated as sundry income but is not subject to Corporation Tax so an adhjustment should be made by your accountant when they calculate this tax for you.

Alan

[css_jay99]

I presume you are refering to the rebate (£100 for 2007/08) for filing the PAYE returns online.

The income is treated as sundry income but is not subject to Corporation Tax so an adhjustment should be made by your accountant when they calculate this tax for you

Alan

trying to understand the accounting/journal entries,
sorry to re confirm, are u sure that money is not liable to corp tax?
does this also mean that the tax liability(i.e PAYE + all NIC) has to be reduced by £100?

[DiscoStu]

How R The rest of you or your accountants puting the 2007/08 tax free payment though your accounts if you recived the amount as a cheque rather than on account.

As want to go with what the majority are doing.

are

putting

received

HTH