Question asked by Paul Worth 4 years ago
I have mistakenly added the wrong VAT to a purchase of tickets where it should have been 20% and not 5%. The VAT return has been submitted, is there away of righting this in our next return through Clearbooks or do I have to do it manually when I submit our next VAT return to fix the error? The system does not let you amend once VAT has been submitted to HMRC. Any help would be appreciated.
Hi Paul,
You would need to reverse this off and then recreate it with the correct VAT rate. Please see the below guides for details on how to reverse this.
Reversing a paid invoice on a cash accounting VAT scheme
Reversing a paid invoice on an invoice accounting VAT scheme
All the best,
Mohamed.
Best answerThank you.
Paul
Hi Paul,
You're more than welcome!
All the best,
Mohamed.
Hi Mohamed,
Once I reverse the payment will it then be automatically entered into the next VAT return?
Paul
Hi Paul,
The reversal will automatically be recorded, yes. You will still need to record the amendment separately.
All the best,
Mohamed.
Sorry Mohammad,
One other question, the actual transactions are not invoices they are payments coming into our account from people who have purchased tickets, is there an easier way to do these instead of creating credit notes and invoices?
Hi Paul,
If they are not invoices but receipts. then the guide for cash accounting should match with what you need to do. There is no other way to do this I am afriad.
All the best,
Mohamed.
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