Hello,
Let's say it's March 30th and my accountant is doing my accounts for the year. I buy an item for £1000, but a month or so later find that I don't need it or it's faulty or whatever.
I return this item and get my money back. What happens to my accounts for the previous tax year that claimed that £1000 as an expense? Do I have to declare straight away that I received a refund for the item or do I wait until the next set of accounts are due?
I am self-employed if that makes any difference.
Thank you for your help.
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