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Managing Your VAT Part-Exchanges, Returned Goods, Deposits, etc What You Must Do If You Receive a Credit Note?
Managing Your VAT Part-Exchanges, Returned Goods, Deposits, etc What You Must Do If You Receive a Credit Note?What You Must Do If You Receive a Credit Note?
If you receive a credit note, you must:
- record this in your accounting records
- on your next VAT return, the adjustment must be recorded as Output Tax on line #135 of your Tax Return form.
If a supplier issues a VAT invoice for goods or services to a recipient for a consideration which is less than the true consideration, the supplier may:
- cancel and recover the original invoice, and issue a replacement invoice showing the correct amount of any VAT due, if any or;
- issue a debit note.
