Part-Exchanges, Returned Goods, Deposits, etc
This guide explains the details of what you need to do when you issue or receive a credit note or a debit note.
If a person returns goods to a supplier for a full or partial credit the supplier shall adjust the VAT on the transaction by replacing the invoice, or issue a credit as appropriate.
If you replace returned goods with goods of lesser or greater value, you must adjust the VAT on the transaction by issuing a credit note or debit note.
If you obtain a credit note or debit note or issue a credit note or debit note, you must record this in your records. On your next VAT return, you must record the adjustments in the appropriate columns.
In this section...
- What You Must Do If You Receive a Credit Note?
- What You Must Do If You Issue a Debit Note?
- What a VAT Credit Note Must Show?
- What a VAT Debit Note Must Show?
- Samples, Part-Exchanges, Barters, Contras and VAT
- Time of Supply
- General Conditions
- Samples Given to the General Public via a Third Party
- Installment Payments, Hire Purchase, Deposits and Credit Sales
- Damaged Goods That You Sell On
- VAT and Duty-Free Shops