If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Treatment of CT withheld on VHI payments

steelbar · 2013-02-01 10:56:47

Hi there, I am struggling on getting my head around this, and my tax is a bit weak! Should the CT withheld on VHI/Medical Insurance payments be credit or debited to the P&L. I have two recurring journals here for different Insurers and they are different. One is prepaid (the net amount of the policy) for the year, and it…

01-02-2013 10:56AM

#1

steelbar

Registered Users, Registered Users 2 Posts: 352 ✭✭

Join Date: April 2007

Posts: 301

Hi there,

I am struggling on getting my head around this, and my tax is a bit weak!

Should the CT withheld on VHI/Medical Insurance payments be credit or debited to the P&L.

I have two recurring journals here for different Insurers and they are different.

One is prepaid (the net amount of the policy) for the year, and it CT is being credited on the P&L

The other is paid my monthly DD and CT is being debited to the P&L.

Which is correct?

Thanks in advance

0

Comments

#2 01-02-2013 01:33PM

Alan Shore

Registered Users, Registered Users 2 Posts: 735 ✭✭✭

Join Date: May 2010

Posts: 734

Hi,

The company has to pay over theTRS on medical insurance with its CT1.

If you post the payment for medical insurance into wages then

Dr wages
Cr CT due

So that you effectively end up with the total cost.

0