What does V and N mean on payslip

lilmissclass

Can anyone explain what these mean on my payslip?

I buy things during my work as I travel around a lot - I claim it back through expenses.

On my pay slip it comes up V or N

For example:
Petrol V 178.00
Petrol N 274.00
Parking V 86.50
Parking N 27.87


Does this mean Vatable and Non Vatable??? An if it is vatable, does that mean I get taxed on it?

Sorry if these seem obvious, but Ive been having problems with my Tax for a while and am really worried. I just released £1000 of shares into my salary figuring it wouldnt take me up into the 40% bracket, which if these are taxable then I think it will. Would this affect me getting a refund because they are charging me too much already?

dzug1

You'll need to ask your employer - these codes will have been devised by his payroll department.

Could well be to distinguish taxable/non taxable elements though.

Debt_Free_Chick

From a bookeeping point of view, V and N often denotes whether or not you have a VAT receipt for the expense. V = "voucher" i.e. you submitted a VAT receipt and N = no voucher i.e. no VAT receipt.

Does that fit in with your situation?

lilmissclass

yes it does, some receipts are handwritten from places, other are from big companies like garages.

but does it effect me?

Debt_Free_Chick

Your employer has to be able to identify expenses for which you submitted "a proper VAT receipt". This seems to be the likely answer

It shouldn't affect you at all, but it could be that the Company cannot reclaim VAT if you didn't submit the receipt. Best to get a VAT receipt for every purchase. The slip you get for a credit/debit card transaction is not sufficient - you need to get a VAT receipt. Think about having an envelope/folder in the car where you can stuff the receipts until your next expense claim