VAT Creditor after Inspection

bigmuggsy

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

PaulPSB

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

Paul

Brilliant, thanks for your reply.

Regards

bigmuggsy

Paul

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

Thanks again

bigmuggsy

Ignore that last one cheers!!