Hi, I'm hoping someone can advise me please. I'm currently reviewing the balance sheet of the company I book keep for. Over the last couple of years there have been constant interest charges on PAYE and NIC paid late. The payments to HMRC have been coded to NIC & PAYE payable, but I'm sure the interest element should be coded to a non allowable expense in the P&L, am I right please? Thank you
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You can code it to where you want - the key point is to ensure that it is not allowed for tax.