Skip to main content
September 21, 2020
Question

I overpaid my VAT but return is correct. How do I amend payment amount?

  • September 21, 2020
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

MaryLandT
September 21, 2020

I'm here to help you today, jbdev64.

 

You'll need to contact HMRC to claim or check with them on how to handle the overpayment.

 

If they decide to return the amount, you can record the VAT refund. After filing your return, you can record the payment, then enter the refund. 

 

I'm glad to show how:

 

Record a VAT payment

  1. Go to Taxes, then select VAT.
  2. Select Payments, then select Record Payment.
  3. Choose the bank account you've used to pay HMRC.
  4. Enter the payment date and amount in the appropriate fields.
  5. Add a memo if needed.
  6. Click Save.

Record a VAT refund

  1. Go to Taxes, then select VAT.
  2. Click the All returns ▼ drop-down menu, then choose the specific VAT period you need.
  3. Select the View summary ▼ drop-down menu, then click Record Refund.
  4. Choose the bank account the refund has gone into.
  5. Make sure you've selected Refund under Payment Type.
  6. Enter the refund date and amount in the appropriate fields.
  7. Add a memo if needed.
  8. Click Save.

On the other hand, you can adjust your current VAT liability if you wish to apply it to the next quarter.

 

Don't hesitate to comment below if you need additional information. I'm always around to help you with your VAT returns.