Recording a repayment of Corporation Tax

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radical1
radical1 Registered Posts: 2
in Tax
I am hoping someone can help.

I have received a Corporation Tax repayment and not sure how to go about recording this on the accounts...could anyone help..

Thank you.
:)

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  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    It needs to be a credit to the corporation tax liability account in the balance sheet. You may well need a journal to account for the difference. i.e. dr CT liability cr CT over provisions in previous years.
    Regards,

    Burg
  • radical1
    radical1 Registered Posts: 2
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    Brilliant ,thank you for your help.

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