SA form question

[Seahorse]

Hiya
Im doing my horrid SA form and just wondered if the fee's we have to pay when we get money via paypal is classed as an expense?Any ideas?

[woodtattoos]

I would say definitely. It's a charge that you are paying for a service, i.e., using the PayPal system to accept payment. I always allow for the PayPal fees in my accounts and check how much has been paid to PayPal after each transaction payment I receive.

Si.

[Bath-Bomb.Com]

You have my sympathies...I'm doing the same thing...eeeeek!

Advice from my sister is that they should be recorded in the same way as Bank Charges or Interest but, if you are doing fairly simple accounts then record them anywhere where you are recording outgoings/purchases/fees/advertising etc...they aren't an expense as in a taxi fare or a business lunch though...if that makes sense..

HTH

Jude x

[kymbi]

Paypal fees are just like bank charges and I record them in the same way.

[ladyluckjewellery]

Another 'yes' from me!

I put Paypal fees down as an expense, same as bank fees etc. Becuase my turnover is lower than the threshold for having to seperate out the different kinds of expenses on the SA form (I think the threshold is about 15K), I keep them seperate on my spreadsheet, but on my SA form I only have to fill in 3 boxes, 1 for sales (income), 1 for outgoings (expenses), and 1 which is the difference between the 2 (hopefully not a minus figure this time around:))

HTH

Claire

[Seahorse]

Great, thanks one and all.