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drcarlarainbow-o
August 7, 2024
Question

tax refund

  • August 7, 2024
  • 1 reply
  • 0 views

I have received a corporation tax refund from HMRC - how do I account for that please?

1 reply

R
RhoiceW
August 7, 2024

Hi there, drcarlarainbow. I'd be glad to provide you with the steps in recording your tax refund from HMRC to your QuickBooks Online (QBO).

 

As QBO doesn't support corporation tax, you can record the refund as a bank deposit and use the tax paid or expense as the source account on the deposit. 

 

Here's how:

 

  1. Go to the +New icon, then select Bank deposit.
  2. From the Account dropdown, choose the account you want to put the money into.
  3. Enter the Payment method and the Amount of the deposit.
  4. Once done, click Save and close.

 

For detailed steps in recording your bank deposit, refer to this article: Record and make bank deposits in QBO.

 

Also, I'd recommend consulting an accountant to get advice on the proper way to record it and which VAT code to use.

Furthermore, you can refer to this article to learn how to match and categorise your bank transactions in QBO:

 

 

Comment on this post if you still have concerns about recording your tax refund. I'm always available to help you.

D
drcarlarainbow-oAuthor
August 7, 2024

thanks but where is the +new icon?

A
AnneMariee
August 7, 2024

I'd be glad to assist you with navigating QuickBooks Online, drcarlarainbow.

 

The +New icon is located at the top of the left navigation panel in your QuickBooks Online company. I've left a screenshot below for your guidance.

 

 

If it isn't visible on your end, there may be a cache issue preventing the webpage from loading correctly. To rectify this, let's perform some troubleshooting steps.

 

Begin by accessing your QuickBooks Online company in a private window to give QuickBooks a fresh start. Then, locate the +New icon. If it's now visible and everything works smoothly, I recommend returning to your regular browser to clear its cache. Alternatively, you can also use other supported browsers.

 

For more information on submitting a return to HMRC, refer to this article: Submit a VAT return to HMRC using MTD.

 

For future use, here's a guide on generating reports to gain valuable insights about your business performance on QuickBooks: Run reports.

 

My main goal is to guarantee you're all set to navigate QuickBooks so you can focus on your tasks. Leave a reply below if you have other concerns. I'll be around to ensure you're taken care of. Keep safe!

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