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wadh3544
wadh3544
May 7, 2019
Question

Accounting for R&D tax credit (UK)

  • May 7, 2019
  • 1 reply
  • 3 views

We have received a cash R&D tax credit from HMRC, which we claimed this year back from the two previous tax years.

 

How should that transaction be added? Should there be a new account created for it in Chart of Accounts? 

1 reply

P
Paulg1969
August 15, 2019

On the assumption that you didn't have a debtor for it at year end then it wants to go through the tax code you use on the profit & loss account. Ideally for future refunds you would debit tax debtor on the balance sheet and credit tax account on the profit & loss account at year-end.

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