Part-Exchanges, Returned Goods, Deposits, etc.

 

What You Must Do If You Receive A Credit Note

If you paid too much VAT on a purchase made your supplier will issue a credit note, you must:

  • record this in your accounting records
  • the, the VAT adjustment must be recorded as Output VAT on line #255 of your Tax Return form in the month received. (You will increase you output VAT by the
  • amount to set off the amount claimed as input VAT.)
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