Accounts entries for online filing refund

Accounts entries for online filing refund

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Can anyone help me with the entries I need to make to account for the online filing refunds from HMRC? For my clients who can deduct the refund from their next payment one side will be to the bank, but is the other side payroll liabilities or income? And what do I enter for smaller clients who need to write off for the cash - it's not really accounts receivable, is it some other kind of current asset? I'd be very grateful for some help!
Jackie O'Regan

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By Chris Smail
30th Nov 2005 11:09

Sundry Income
Just create a new line in Sundry Income called' Tax Free Filing Incentive' and credit it there, that way you might remember to deduct it when doing the tax comp next time.

We Are just doing Cr Sundry Income Dr IR Creditor in the accounts as we prepare the accounts, so it just falls through. But in the one man cos this makes the Cr a Dr!

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