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Can you record a vAT penalty as an expense? Yes, under which category does this fall?
Can you record a vAT penalty as an expense? Yes, under which category does this fall?
You can record a vAT penalty in your accounts to balance your bank balance, but it is not tax deductible as a business expense.
Because the penalty was not paid to acquire or retain taxable income, it is not recognized by the tax authorities as a business expense.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.