tax return question again. mistaken banking

Vyvyan

Hello

I had an amount of £37odd pound taken out of my business bank account by a paypal user last year without my consent or knowledge and then put back in a day later. I have rectified this with paypal, I didn't think it would affect my tax return but to get the figures on my tax return correct, it now seems it does.

How will it stand from a tax point of view? Do I class it as a debit and then a credit, like I would be purchasing and returning something or is it classed as something else? I have logged it as a mistaken payment in my books.

Many thanks for any help.
I've found other posts and answers given in this forum useful so far!
Good luck to those completing the tax returns too.

Mikeyorks

Just ignore it. The amount isn't going to cause ripples anywhere.

You have a note of it - that's more than adequate.

PlutoinCapricorn

I agree: it is not a real transaction. You need to have the statements ready just in case HMRC ever want more information or ask to see them. You need to make a note of what happened, and keep any paperwork, in case you forget. A one-off incident for a small amount is not worth worrying about.

clairewop

can anyone help? i have to do a tax return, i make jewellery as occupational therapy, i'm currently on incapacity benefit and am allowed to earn £20 on top of my benefit a week, so i sell the jewellery to beable to buy more beads, anyway i'm doing my tax return now and have been asked if i'm exempt from paying class 4 nics, what is this

whitewitch21

Hope this helps http://www.hmrc.gov.uk/nic/class4-faq.htm#2