Accounting question re tax refund

[Bob Williams]

On Monday 19 May 2008 14:13:57 Adam Funk wrote:
> On 2008-05-19, Bob Williams wrote:
> > I overpaid my income tax and HM Revenue and Customs has kindly sent
> > me a cheque. Would you advise me to record this as a negative value
> > in Expenses:Income Tax or income in Income:Other Income?
> >
> > The money isn't actually income, I just accidentally "lent" it to the
> > taxman ;). Likewise, it's not tax either, as I should never have sent
> > to said taxman in the first place.
> >
> > I realise that this is an arbitrary decision, but I'd be interested
> > in hearing what others have done in this situation.
>
> I think it should be a negative value in Expenses:Income Tax.
>
Many thanks to all who answered, both on-list and by private e-mail. Some 
of the replies made me feel quite dizzy, so I think I'll keep it simple 
for the moment, and record it as a negative expense. At least until I've 
got a better understanding of accounting principles. And as I'm retiring 
soon, my affairs should get less complicated :)

Could I make a request that replies are always posted to the list? First 
of all, that's where I expect to find them, secondly, there may be others 
who would benefit from the replies. I wonder how many off-list 
discussions are going on, that I could usefully benefit from as a lurker.

My 2p worth.

Bob
-- 
Bob
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