repayment supplement on vat refund
Posted: 20 Feb 2014, 10:53
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
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.