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Online payroll discount
I submit my payroll online and have a credit of £75 added to my account. Therefore the first payment I make in May (re April) needs to be reduced by £75. My payroll has been set up for the 2 employees but only one is paying any tax. How do I account for this in Freeagent?
I’m unsure
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Inappropriate?@ Richallum
The accountant' s favourite - a journal entry:
DR PAYE & NIC
CR Other income
Don't forget the incentive is tax free.
I’m happy
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Inappropriate?Its worth noting that Freeagent has a specific "Other income" account you can use in your journal entry, named "PAYE/NI Online Filing Incentive Claimed".
One thing this doesn't to is update the amount owed to HMRC on the box on the front page or display the correct amount under the Payroll section, a minor bug perhaps? Everything displays as you'd expect under the PAYE/NI account in "Show transactions".
I’m happy
