Council Tax

[Benjamin Carlyle]

On Thu, 2005-03-10 at 20:03 +0000, Tom Haskins-Vaughan wrote:
> > Annual or monthly, it's still an expense. How do you record your car tax? Your 
> > Income Tax? You don't owe income tax until you receive income. You aren't 
> > borrowing money from the government and then having to pay it back.
> I think the reason I want to use a Liability account is so that I always 
>   know how much I owe. But for the initial payment on the first of April 
> I will have an expense account Expense:Tax:Council Tax.

Be careful about using accounts as a budgeting tool. Scheduled
transactions will help you there, and it may be useful to keep the next
few transactions recorded ahead of time so you know what's coming this
pay cycle. Budgeting is a bigger problem than accounts alone can handle
generally :)

> I can see what you mean about it only being a monthly payment. I guess I 
> just like the idea of my Liability account being decreased over the year 
> rather the expense account being increased. Purely psychological :)

How long is a piece of string? :) That's how much you owe in council
tax. Don't let the "man"'s concept of time box you in ;) Create your own
perception.

-- 
Benjamin Carlyle <benjamincarlyle at optusnet.com.au>