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2008 Budget

DeanDean Experienced MentorDevonRegistered Posts: 646
What a complete crock o smelly stuff! One big cover up story....

Regards

Dean

Comments

  • sarahwilsonsarahwilson Experienced Mentor Registered Posts: 567
    I know I'm so annoyed but I cannot afford a packet of cigarettes anymore to destress:lol:
  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    Income shifting rules being postponed a year is pretty welcome to me!

    Time to get the beers in (well, before sunday anyway..!)

    :001_smile:
  • sarahwilsonsarahwilson Experienced Mentor Registered Posts: 567
    What gets my goat is everything thats going up and costs us more goes straight away more or less. Anything that costs the government more gets deferred for a year at least.
  • DeanDean Experienced Mentor DevonRegistered Posts: 646
    Income shifting rules being postponed a year is pretty welcome to me!

    True, although I think that was to be expected.

    One other welcome thing announced in the budget was the writing off of the General Pools WDA - if the balance is below £1,000.

    Regards

    Dean
  • DeanDean Experienced Mentor DevonRegistered Posts: 646
    It's amazing what you find when you go digging!
    Corrections of errors on VAT returns

    Currently, a business is required to make a voluntary disclosure for any errors exceeding £2,000 net. For amounts less than this, the amount can be adjusted on the next VAT return.

    For accounting periods commencing on or after 1st July 2008, a disclosure will only be necessary where the error exceeds the greater of £10,000 or 1% of turnover with an upper limit of £50,000. For errors above £10,000, the turnover test will be applied to the net VAT turnover entered in box 6 of the relevant VAT return period. For errors below these limits an adjustment to the next VAT return should be made.

    For more information see Budget Notice 75

    Regards

    Dean
  • claudialoweclaudialowe Trusted Regular Registered Posts: 275
    I am not sure that I understand the new VAT rules :001_unsure:

    Are they saying a net VAT error of £10K can be amended on the next return, or £10K of net ie only £1,750 of VAT. :confused1::confused1::confused1:

    Budget really was a non-event, for which I think everyone should be grateful. Just think of the damage he could have caused!

    Claudia
  • DeanDean Experienced Mentor DevonRegistered Posts: 646
    Are they saying a net VAT error of £10K can be amended on the next return,

    :001_smile:
  • PoodlePoodle Experienced Mentor Registered Posts: 711
    Dean wrote: »
    It's amazing what you find when you go digging!


    What mine would that be then Dean?

    Poodle

    PS missed the £1k WDA w/o anouncement

    PPS Not been able to focus on budget with crashing PC's urghhhhhhhh
  • red_devilred_devil Feels At Home Registered Posts: 52
    Dean wrote: »
    It's amazing what you find when you go digging!



    Regards

    Dean

    Ha Ha. When I first read this I thought it said it's amazing what you find when you go "dogging"!
  • speegsspeegs Experienced Mentor Registered Posts: 854
    On TV last night I heard that, thanks to dear old Darling, it is now cheaper to buy ecstacy tablets or a line of coke than purchase cigarettes. Well done labour.

    I know I know well mustn't condone illegal drug use. But this situation is amazing.

    :001_unsure::001_rolleyes::sneaky2:
  • claudialoweclaudialowe Trusted Regular Registered Posts: 275
    A net VAT error of £10K is going it some surely - that is £57K ex VAT price - that cannot be a "routine error" - or if it is, then I am doing things far too well :lol:

    Claudia
  • PoodlePoodle Experienced Mentor Registered Posts: 711
    Errors on VAT Returns

    Claudia

    At present if you make an error in your VAT calculations you can work the under or over payment into your next VAT return if the total net error amounts to no more than £2,000. Where the error produces an under or overpayment of more than £2,000 you should voluntarily declare the error to the VAT office.

    This error reporting limit is being raised to the greater of £10,000
    Or
    1% of the reported turnover for the VAT quarter, subject to a cap of £50,000

    The new limit applies for accounting periods beginning on and after 1 July 2008.

    Hope this clarifies

    Poodle
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