Corporation tax refunds

If you receive a corporation tax refund, record this using a journal entry then a bank receipt. In this example, the corporation tax refund is £/€600.

1. Go to Nominal codes then select Journal entry.
2. Enter a reference and date, then enter the relevant details to record the corporation tax refund. Date the journal with the last day of the financial year to which the refund relates.
   
   For example:

   N/C	Name	Details	T/C	Debit	Credit
   9001	Corporation tax	Corporation tax refund	T9		600.00
   2110	Corporation tax liability	Corporation tax refund	T9	600.00

   The balance must equal zero before you can save the journal.
3. Click Save then click Close.
4. Go to Bank accounts then select Bank receipt.
5. Enter the details of your bank receipt in the boxes provided. Using our example above, you've received a refund of £/€600 from HMRC.

   Bank	Date	N/C	Details	Net	T/C	Tax
   1200	Receipt date	2110	Corporation tax refund	600.00	T9	0.00

6. Click Save then click Close.

• How do I record corporation tax?