VAT Payment plan

Accounting
1

We have entered into a VAT payment plan with HMRC but the DD was taken for the full amount and then repaid followed by the first instalment being taken so I would appreciate some guidance re how to tag/post these 3 instances:

  1. The DD taken in error and posted against full VAT due
  2. The returned DD
  3. 1st VAT instalment

Thanks

2

All three you should just be able to tag as tax payment to/refund from HMRC, and select VAT. These tags just affect the balance sheet VAT Liability nominal.

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