HMRC Repayment Supplement
crispy
Registered Posts: 468 Dedicated contributor 🦉
Hi,
Company where I work has reveived an additional amount from HMRC in regards to a VAT return labelled as a 'Repayment Supplement' I am assuming this is due to HMRC taking a longer period of time to process the return.
My question is does anyone know how this extra amount should be accounted for, does it need to be repaid in our next VAT return? or do we account for it as other income?
Any feedback appreciated.
Thank you
Company where I work has reveived an additional amount from HMRC in regards to a VAT return labelled as a 'Repayment Supplement' I am assuming this is due to HMRC taking a longer period of time to process the return.
My question is does anyone know how this extra amount should be accounted for, does it need to be repaid in our next VAT return? or do we account for it as other income?
Any feedback appreciated.
Thank you
0
Comments
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Repayment supplement doesn't have VAT on it (I can't remember if its exempt or outside the scope, though).
Put it in as Other Income - it's taxable (corporation tax) but ignore it for VAT purposes.0 -
Thank you for your reply - just what I was looking for :thumbup1:0
