Share this content
Tags:

CIS/VAT REFUND TREATMENT

23rd Jun 2014
Share this content

Hi, I am struggling with the above question and couldn't find any similar topic in the forum.

I hope someone could help me with this. I am trying to complete a corporation tax return for someone involved in the construction industry as LTD.

He had CIS deduction suffered refunded to the business account as well as VAT refund.

I know that VAT/CIS due is considered as liability on the balance sheet, but I am unsure about the refund - do I show it as income on the P&L account or asset in the BL? What would be the correct double entries?

I would highly appreciate your advice on that!

Many thanks in advance to anyone willing to help.

Best regards,

Silviya

Tags:

You might also be interested in

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.