VAT Question

minisue

Hi,

My accountant is currently on holiday, she is not back until Monday. But I just need a little mind putting at rest for the weekend.

My last VAT went through, but I just noticed that I charged the wrong VAT on an invoice to a customer. Now the VAT period is closed off , how an I rectify this situation in order to charge the correct VAT.

Complete silly error on my behalf but not sure revenue would see like that!

thanks in advance.

Minisue

eusap

Did you charge more or less VAT?

If its less and customer agrees you can send him another invoice to cover the VAT

minisue

eusap wrote: »

Did you charge more or less VAT?

If its less and customer agrees you can send him another invoice to cover the VAT

Less of course! Stupid me! Thank you so much. I was thinking the same thing.

Do you think it will be ok that the outstanding VAT is in a different period? hopefully a mea couple to revenue will suffice as it was a genuine mistake.

mrslancaster

Or maybe you could issue a credit note for the original invoice and then issue a new correct invoice. They will both be included in the next Vat return so will keep the Revenue straight.
Your customer's account will be adjusted either up or down also so you will need to either give them a refund or get paid any shortfall.

minisue

Thank you both for your replies - it has definitely helped put my mind at ease.


At least I know there is a way out to resolve it, just hope revenue will be ok. They scare me! Am I alone in that?

mrslancaster

minisue wrote: »

Thank you both for your replies - it has definitely helped put my mind at ease.


At least I know there is a way out to resolve it, just hope revenue will be ok. They scare me! Am I alone in that?

Revenue are grand and very helpful ime. Things like that happen

minisue

Fingers crossed! thanks.


have a good weekend.