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Post Info TOPIC: Wine for clients, nominal code/tax code?
Laurine


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Wine for clients, nominal code/tax code?
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Hi,

My boss bought quite some wine (from the company creditcard) to give to clients for Christmas.

I work with Sage 50 Accounts and was wondering which nominal code you would use and which tax code? There are some contradictory answers on the net.

Hope you can help me out.

 

Thanks,

Laurine



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RobH


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Hi Laurine,
I would go with 6202, Gifts.

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Rob
www.accounts-solutions.com
Laurine


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Hi Rob,

 

Thanks for your reply.

That was one of the codes I had in mind too. And vat code T9 (outside the scope?) Even though we have a VAT invoice from the wine supplier?

Maaike



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Helz


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Hi Laurine

Gifts of alcohol are treated in the same way as entertaining, so the VAT is not claimable.

Helen

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Laurine


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Thanks Helen!



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Cheshire


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Hi
I would T0 it personally. Vat is on the invoice, but you just cant claim it. Dont know what others think on that one.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
trish


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Hi

I put my clients gifts under the nominal code 7406, is that okay or should I be using 6202?

Many thanks

Regards

Trish



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tscott
Leger


Master Book-keeper

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trish wrote:

Hi

I put my clients gifts under the nominal code 7406, is that okay or should I be using 6202?

Many thanks

Regards

Trish

 Hi Trish

Is 7406 subsistence?  That would generally be for travel and meal expenses when away on a business trip.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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