HMRC Corporation Tax Services sent me repayment. Which category should I tag the transaction with in QuickFile?
Hello @onestep
- Click Tag Me on the Money In transaction in the bank
- Select Tax Refund
- Select Corporation Tax
- Click Save
The normal “tax refund from HMRC” option will tag the amount to the corporation tax “liability” nominal on your balance sheet - I put liability in quotes as if you’re due a refund then this nominal would actually be an asset (debit balance) in your year end BS, and tagging the refund would return the balance to zero.
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