On a VAT return, how do I account for Bank Interest - both paid to me by the bank, or sometimes taken from me if I am overdrawn.
Do I add bank interest as an output for box 6, and therefore do I enter that as 0% VAT item, or do I enter it instead as a Non-VAT Item (like with wages but as an output)?
Also, what do I do with interest I have paid when I was overdrawn. It's not a purchase really, but does it still need to be intered into box 7? Do I add it at 0% VAT or as a Non VAT Item?
Thanks for any contributions to this
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