I'm quite confuse with the accounting treatment of staff expenses, entertainment (staff and business) and benfits in kind. What are the details that differentiate any of them? To which account should they be booked? Can I claim VAT on them? What are the implications for employees of BIK showing on the P11Ds?
Any information you could provide in order to understand this better it will be much appreciated.
Thank you very much,
David
Replies (15)
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You won't get an answer more helpful than that. You are not just asking for a nudge in the right direction, you are asking for what would be paid services of an accountant. So go get one.
Thank you for your reply however not very helpful.
Kind regards,
David
I thought as free advice goes it was pretty good.
What made you think someone who earns a living from advising on tax and finance would sit and write you the definitive guide for free?
EDIT: Just looked at your accounts and the £1.25m loss you made last year. Best advice would be stop entertaining.
They are stronger than they look, the £2m pref shares are sitting in creditors making the balance sheet look worse than it really is (son of FRS25) plus the accrued pref dividends as interest.
However given KPMG knocked them up the OP ought to be able to go to them; as long as it not their bargain basement platform (or have they stopped doing that) as I did read on a thread here there were some issues reported by some who post on here who have taken over acting for former KPMG smaller clients.
Your accountant should be able to eradicate all the confusion you have.
What if he's with Crunch?
Thought you might be interested in the webinars that HMRC has been running recently:
https://www.gov.uk/guidance/help-and-support-for-employing-people
Among others there is a webinar specifically about staff entertainment.
Wow! It's Day 1 at the bookkeeping school for the backward and you're already going to be staying late!
I'm not surprised you're too embarrassed to ask for help. You could open a tab in Firefox in "Privacy Mode" though?
This must be a wind up. I'm calling it.