UK Tax
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Answered in 6 minutes by:
10/12/2012
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedHi.
Repayment supplement or interest on income tax, VAT, PAYE and NIC overpayments is not taxable. Repayment supplement paid as a result of a corporation tax overpayment is taxable. You should account for it at the date of receipt so if that was in the current quarter that's where it should go.
Let me know if you have any further queries.
Repayment supplement or interest on income tax, VAT, PAYE and NIC overpayments is not taxable. Repayment supplement paid as a result of a corporation tax overpayment is taxable. You should account for it at the date of receipt so if that was in the current quarter that's where it should go.
Let me know if you have any further queries.
No VAT is due on interest from the tax office. A call to the tax office will tell you why you have received interest and the answer will tell you whether it is taxable or not.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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