How do I account for a partial refund of Corporation Tax in QuickFile?
The refund of £423.75 has been paid into the current account, tagging the transaction credited the “2320 Corporation Tax” account.
I’m expecting the CT liability for the year ending 2016 to be £900, I’ve created a journal as below:
The CT is correct on the P&L and shows up as “8500 Corporation Tax Charge for the Year” at £900.
However, the balance sheet shows the “2320 Corporation Tax” liability for year end at £1346.15 (correct tax liability plus the refunded amount plus the 22.40 that was originally due in y/e 2015, but the refund took this into account) - how do I fix it? The refund was received in y/e 2016 and was a partial refund for Corporation tax paid in y/e 2014 (losses in y/e 2015 were carried backwards to the previous period).
This is the nominal code view for CT:
Any help would be appreciated.