UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
Yes, that is the easiest way out of this position. Just credit the over payment to Recoveries and Contras (R&C) in your books of account. On paying back that will clear the R&C ledger entry by reducing the balance on account to zero.
I do hope that you have found my reply of assistance.
Correct, everybody makes mistakes from time to time, even HMRC!
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Good idea and cancel the old one.