A more complex example

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    This section describes how to enter both VAT Receivable and VAT Payable transactions, resulting in a net refund of VAT.

    A more complex example

    The screen below represents a common situation: there is input and output tax recorded and, therefore, both a payment to and a receipt from HMRC in respect of VAT.  The net amount is, as shown below, a receipt of £1,780.00 due from HMRC.