Hi All! Im after some advice on tax codes please?!
I've recently taken over the accounts for someone going on maternity leave. I've got myself a little baffled by one of the entries she's been making......
The company bought a second hand van for the business last year, they paid a deposit and are paying off the remaining amount in monthly installments. The transactions that have been entered in to Sage (50) so far are as Bank Payments, nominal code 0050, tax code T1?
Can someone tell me if this is right? Is it not classed as a loan to the business?
Many Thanks
Gemma
|