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Payal


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HMRC Paye Penalty journal
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Hi All, 

need help with one journal entry.

One of my client was served hmrc penalty notice for paye for £400/- which I had shown as loss for the year as there was no other transaction in the company. In current year it is shown as loss brought forward.

This year hmrc has refunded back the money. what would be the journal? Would it be bank acct debit & profile & loss aact (b/f) credit?

 

Thanks for your help.

Payal

 

 



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FoxAccountancyServices


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I would post it to the same account as the payment went to, via bank receipt.



-- Edited by FoxAccountancyServices on Tuesday 23rd of July 2013 10:42:35 AM

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Payal


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Thanks Michelle for coming back. I had earlier posted the entry as non taxable loss last year which has now been brought forward. I will adjust to same account via bank.

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