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Accounting for the tax free P35 filing online incentive

How do i account for the tax free P35 filing online incentive?

Please see extract from which explains how to account for the tax free payment your clients received for filing their end of year P35's online.

Accounting for the tax-free payments

Show the tax-free payments in your accounts as 'other operating income'.

The payments are not taxable, so your tax computations should show profit reduced by the payments included in your accounts.

Tax-free payments and VAT

You do not have to pay VAT on your tax-free payments for early online filing, nor do you have to show them on your return.

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0800 0523 555

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