We have just realised that we have been selling some items that we could have used the vat margin scheme on.
Most of the invoices we before christmas 2020 and the full Vat has been paid. Am I correct in thinking that I can open these invoices and modify and it will be adjusted in our next Vat returns.
If the invoices have already been included in a VAT return then these will be locked and you won’t be able to edit them. If this is the case then you can credit and re-invoice with the correct VAT on the new invoice. The VAT return will then pick up the adjustment.
It may be best to consult with an accountant though to make sure that you are doing it correctly
Thanks for your reply, at least I can get on and not make the same mistake of forgetting the Vat margin scheme
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