I can help you in reclaiming your VAT overpayment, robinbaitey.
If you already received a credit for the VAT overpayment, we can record it as a refund. If you're instructed by your agency to apply it to the current or next quarter, we can create a tax adjustment to reduce the liability.
Here's how to record it as a refund:
Locate the return under the Submitted or Filed section.
Click on the drop-down arrow at the end of the line and select Record Refund.
Fill out the necessary information.
You can follow these steps to create a tax adjustment:
For more information about this process you can visit this article: Adjust your VAT liability.
I also encourage you to contact your VAT agency to get additional insights about handling VAT overpayments.
If you have any other concerns or questions about VAT, please don't hesitate to get in touch with the Community. We'll always have your back.
This is correcting a mistake - not a VAT reclaim as such.
Technically you should inform the VATman of the mistake & correct on the VAT return but, as long as the mistake is not significant (say, >£1000), by far the easiest way is to keep schtum & raise a credit note to exactly cancel the original invoice.
Then raise a new invoice with the correct 5% VAT.
Do this using today's date (or date in current quarter) so that you are reclaiming the 20% & paying the 5% in this quarter.
Make a note to indicate what you've done in case you need to refer back later.
Hope this helps.
You can certainly do an adjustment in the present quarter as mentioned above to correct the error.
Alternatively you can create an exception in the current return.To do this you can go to the original transaction,keeping the date the same and just change the percentage of VAT and then save the change it will then create an exception in the current return.