thank you kindly
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repayment supplement on vat refund
repayment supplement on vat refund
Good Morning, could you advise me on what nominal code to use for a repayment supplement on a vat return.
thank you kindly
thank you kindly
-
brucedenney
- Site Admin
- Posts: 4664
- Joined: 28 Feb 2006, 09:56
- Sage Version: v30 UK/Europe/Africa
Re: repayment supplement on vat refund
In most cases, if you have an exceptional item with the VAT, a fine for example, then you can post it straight against the P&L after all it is a cost in the current year.
However if you have already journalled it in the the VAT Liability account, then you post it there.
Note: You should verify this with HMRC / a qualified accountant, this is my unqualified opinion.
However if you have already journalled it in the the VAT Liability account, then you post it there.
Note: You should verify this with HMRC / a qualified accountant, this is my unqualified opinion.
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