VAT Creditor after Inspection

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bigmuggsy
bigmuggsy Registered Posts: 92 Regular contributor ⭐
in General accounting discussion
Just need to clarify this please - company has a vat inspection and turns out they have undeclared £5000 in vat. Year end is 5th April, vat assessment was done in February, no payments have been made apart from the vat liability from each quarter. Am I right in thinking that the under declared vat should be added as a creditor at the year end?

Need to make sure on this one.

Thanks

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  • PaulPSB
    PaulPSB Registered Posts: 55 Regular contributor ⭐
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    Yes you should recognise the creditor. Take a look at the detailed assessment raised by HMRC to help you with the double entry

    Paul
  • bigmuggsy
    bigmuggsy Registered Posts: 92 Regular contributor ⭐
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    Paul

    Brilliant, thanks for your reply.

    Regards
  • bigmuggsy
    bigmuggsy Registered Posts: 92 Regular contributor ⭐
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    Paul

    Any ideas of the title or ref number of the assessment raised??

    Thanks again
  • bigmuggsy
    bigmuggsy Registered Posts: 92 Regular contributor ⭐
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    Ignore that last one cheers!!

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