I am wondering about the double entry procedures for dealing with VAT on discounts since the April 2015 change in the law. I have had a good look around the internet - possibly the wrong places - and cannot find a standard method. Does that mean there isn't one? If there is one, could someone point me in the right direction please.
If I make a credit sale, do I put the discounted VAT figure into the VAT control account or the non-discounted VAT. Whichever I use, it may be the wrong figure so do I then make a second entry in the VAT control account.
If due to the time lapse I pay HMRC incorrectly, can I claim it back next month?
Edited at 04 Nov 2015 02:28 PM GMT
Edited at 11 Nov 2015 11:10 AM GMT