Ist yr ltd company pension scheme run through the company payroll. Contributions under £3 k at co. y/e.
Do I need to ask the client to obtain a fair current market value of the fund at the company year end?
If the answer is 'yes' then are tthe following the accounting entries?
Cr 'bank' /debit 'pensions' in the p & l account. (following Taxfiler headings.) If so, what do I do with the excess or deficit? Is the debit to p & l or to current assets and if so what do I name it? Thank you.
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I think you've misunderstood pensions accounting.
In the company offering a defined contribution (or money purchase) pension, the contributions are a P&L expense. And that's it.
The reason that's it is that once the contributions are paid over to the pension provider, the company has no further obligation. The employees take all of the risk as to how much pension they will receive.
You seem to be thinking of final salary (or defined benefit) where the pension is guaranteed (ish) and the employer may have a liability if the contributions made are not enough to pay the pensions promised. In those circumstances you need to go through the whole process of valuing the scheme assets and liabilities and identifying any shortfall or surplus.
Personally, I post the employees' share to wages because thety paid it by deduction.
The employer's share goes to pensions.