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VAT over payment how to reflect in accounts

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    VAT over payment how to reflect in accounts

    .......
    Last edited by Bumfluff; 9 December 2009, 22:30.

    #2
    I've got an idea - ask your accountant.
    "You’re just a bad memory who doesn’t know when to go away" JR

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      #3
      Add the overpayment to debtors in BS and as "other income" in P&L.

      QB.

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        #4
        I may be missing a point there, but since VAT isn't ever your money, why isn't it simply used to reduce the VAT account balance
        Blog? What blog...?

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          #5
          Depending on what period and the amount of the error made will depend on how you treat the error with HMRC which you can determine from their website.

          If it is an error that you can correct on the next VAT return, then enter the payment in your accounts so that it shows the VAT account as overpaid (appearing as a debtor) and then the next payment will correct it.

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