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Nicola Greiff

HMRC Fines

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We have paid our corporation tax late and have received a fine. I have created a new nominal for the P+L account 7908. Do I also need to create a nominal for the balance sheet? 

Do I need to then post with a Journal to the 2 nominals. Or can I just post a bank payment to the 7908 nominal. 

I have also raised an invoice for the amount to invoice our accountants who have agreed to refund us. 

Do I have to show it in the P +L and balance sheet.

Or just as an overhead expense on the P+L

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    Hi Nicola,

    Thanks for using Sage City.

    Either of the methods you've mentioned above would record the transaction. You can (for ease) just post an expense payment from the bank account (Money Out) to the appropriate expenses ledger. 

    This might be a query for your Accountants to confirm how you should record the invoice/payment from their end, it's difficult to give you advice on which nominals to use, or how to structure them as we aren't familiar with how you've processed transactions in the past. Your Accountant will be best placed to give tailored advice.

    We'll leave this thread open in case any other Sage City members have recommendations for you.

    Have a great day,

    Anth

    Sage UKI.

*Community Hub is the new name for Sage City