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Post Info TOPIC: Self Assesment Refund
jillemily


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Self Assesment Refund
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My client had a refund through his self assesment tax return from the previous years accounts, do I put this through as income or capital introduced for this year?

Jill

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BackOfficeGroup


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I would say this was because he paid too much tax for that period, and so it is niether income nor capital introduced.

If he has a self employed company bank account that is purely for business and you need to address this income, then place it in the Drawings category

P

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jillemily


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No for that period he had a personal bank account for his business.


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Brewsie


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If the transactions are to his personal bank a/c, then any self-assesment payments/refunds shouldn't be going through the accounts at all.

They are his personal transactions, not those of the business.


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