Unit 7 Simulation - Help

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Suebea
Suebea Registered Posts: 3 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
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

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  • coojee
    coojee Registered Posts: 794 Epic contributor 🐘
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    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.

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