Unit 7 Simulation - Help

Suebea

I am getting in a fluster over the question on the Unit 7 Simulation can anyone help please

Net errors in VAT records can always be corrected via the VAT control account later VAT returns. True or False? Explain your answer.

Thanks

coojee

I think the answer is false because not all errors can be corrected on the next VAT return. There is a maximum amount above which you can't do it. The amount is different dependant on the size of the company.

Is this for the new Indirect Tax paper? I don't remember seeing a question like this on the old standard Unit 7 paper.