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dad-kennedy
September 1, 2023
Question

Interest received from HMRC on late VAT repayment

  • September 1, 2023
  • 1 reply
  • 0 views

As a Zero rated business I only get VAT refunds from my monthly VAT returns.  I was late posting my February VAT return (posted in March).  I received a refund as expected but it included a 19p interest payment.  How do I record this interest payment so the period clears on the VAT page of Quickbooks online?

1 reply

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dad-kennedyAuthor
September 1, 2023

Since posting this question this reply has been reccomended:-

Interest on a Quaterly Vat repayment (intuit.com)

It took several attempts to delete all the previously cleared repayments and start again but got there eventually.
Added the interest as other interest earned account. Then on banking screen used find match button.

 

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GeorgiaC
September 1, 2023

Hi dad-kennedy, thanks for joining the Community.

 

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