I hired a consultancy to submit an R&D claim on my behalf, thankfully it was successful.
The way it works is that the company receives the full rebate (figure A) from HMRC on my behalf.
Then they subtract their fees (figure B) from that, and transfer the balance (figure C) into my account.
They provide an invoice for their fees.
My question is, how (and where) do I insert this properly and also tag against the corresponding bank movement (figure C)?
The way I understand it is that I need to
1 - create a purchase for their invoice (figure B)
2 - somehow insert the full rebate (figure A)
But I don’t know where / how to insert - Please help?!
The support team are not registered accountants and as such we are unable to advised on where to make specific postings.
This query would be better directed to your accountant.
If you don’t have an accountant, we have a panel of accountants (familiar with QuickFile) to choose from, for more information, please see the following link:
I will leave this thread open for now as there are some accountants who may comment.
I have reached out to my accountant, he has confirmed that I need to
1 - create a purchase for their invoice (figure B) - easy
2 - somehow insert the full rebate (figure A) - they mentioned that it “should go against the corporation tax liability that’s in your balance sheet”
3 - then I need a way of tagging the balance (figure C)
Now that it’s a little clearer from an accountancy point, can you perhaps advise on how to get his done within QF?
So, essentially, are you proposing to delete the original bank movement (which is for the balance only), and manually replace them with one for the full HMRC rebate, plus another one for the full invoice?
Nice and easy workaround! I just thought there was a way of doing this without “editing” movements!?
