Category for HMRC Corporation Tax repayment

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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