Skip to main content
sufiyan12
sufiyan12
August 4, 2021
Question

A flat rate scheme (16.5%) VAT client of our, wrongly reconciled a deposit as sales in last quarter. Resulted in VAT payable of £165.00 (16.5% £1000)how to claim it back?

  • August 4, 2021
  • 1 reply
  • 0 views
a flat rate scheme (16.5%) VAT client of ours, wrongly reconciled a bank deposit (director's loan) as sales in last quarter. It resulted in VAT payable of £165.00 (16.5% of £1000.00). This quarter, we re-reconcile it in Director's Loan account (No VAT). However, as expected, it won't come as late claim or refund on this quarter's VAT report. how do we claim it back?

1 reply

E
EmmaM
August 4, 2021

Hello Surifyan, As the client is on FRS and you cannot delete the original transaction and create an exception you need to make a reversing Journal of the incorrect transaction to cancel it out.

Terms & ConditionsAccessibility statement