Vat !!
Haggis
Registered Posts: 40 Regular contributor ⭐
I would be really grateful if someone could help me out with a VAT query that I have. I have finally managed to get hold of my clients missing paperwork for his 07/08 accounts and have found that he was charging the wrong VAT percentage on his invoices. If I am correct the VAT rate was reduced at the beginning of Dec 08 to 15% (from 17.5%), he was charging 17.5% on his invoices during Dec 08, Jan, Feb and Mar 09. To complicate and panic me even further he is on the flat rate scheme for VAT. Not sure of the best way to approach this and would really appreciate some help please !
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Comments
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Firstly, the overcharge of VAT. If this cannot be refunded to all the customers (probably impractical), then all the charged VAT should remain paid to the VAT man (in my opinion that is).
If he was on the flat rate scheme, was the appropriate rate used? If so, no problem on that score. If not, then this needs to be recalculated and either adjusted on the next return or a letter sent to the VAT man explaining the mistake and requesting the opportunity to put things right.
Depending on the size of this business, it may not be as bad as it first looks - just a bit of a challenge I guess.
Good luck.0 -
Thanks for your help, much appreciated !0
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