T codes and hotel accounts

[Helen74]

Hi

Firstly, should I class pictures and ornaments bought for a hotel under fixtures and fittings and should they be depreciated if so over what period of time and using what method ?

Secondly, should I code them as T0 as the supplies are from france and although the supplier is vat registered they have not charged us vat ?

Thirdly, should bank charges be coded as T9 or T2 ?

Fourthly, I want to create a basic fixed asset register for goods (antique furniture, pictures, book) bought for the hotel and need a template can anyone help me with this.

Thankyou

 

[BudgetB]

I can't answer the T code bit as can't remember what codes Sage uses for what now, but to answer the other bits;

Small/low value F&F could go straight to an expense code, people often use £100 and under as a guideline.

You could make a simple document in Excel to list date bought, item, date disposed etc. Wouldn't take 2 mins to set up and easily 'sortable' into type, dates, value etc if you need to play around with it.

 

[elaine@cheapaccounting]

Small/low value F&F could go straight to an expense code, people often use £100 and under as a guideline.

Much higher than £100 given AIA surely.

Depending on client I wouldn't capitalise much below £500.

Also these things are likely to be broken , damaged, be out dated etc - so can't see a useful life of 3 years here. Hotel Inspector would have something to say on that I think.

 

[johndon68]

Bank Charges are T9 as they are outside of the scope of VAT.

John

 

[IanBrewster]

Bank Charges are T9 as they are outside of the scope of VAT.

Disagree - they are exempt. See Section 2.10 of VAT Notice 701/49

 

[KidsBeeHappy]

Fixed asset register -excel, definitely. I have seen huge PLC's manage their fixed asset registeres very competently using excel.