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?