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23rd Jun 2014
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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,



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