ordinary world vat query. help please
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hi, real life scenario. when you discover you have made a msitake on last quarters vat return, below a £1000, do you just take that amount off in next quarter? and can you just do that or do you have to put in a note as to waht you have done?<BR><BR>thanks
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ordinary world vat query. help please
Hi<BR><BR>When this has happened to me (for around £350) I have adjusted the figures onto the next vat return to correct the previous error I have not made any explanation to HM Customs & Excise, but I have kept a detailed breakdown in the office with a copy of the vat return, so that if an inspection occured I would be able to explain my actions.<BR><BR>Hope this helps.<BR><BR>Tracy0 -
ordinary world vat query. help please
You only need to inform the VAT man if you make a net error of £2000 or more. Any error under that and they expect you to just adjust the next VAT return and as Tracy says, keep a record of it.<BR><BR>Annette0 -
ordinary world vat query. help please
thanks cant believe what i did, found it yesterday as i reconciling end of year. it was on last return and i had entered a few figures in the vat column rather than stock column in my anaysis book. cant believe i made that mistake and didnt see it!!! it means they paid me too much last time but i will put it back as owe them this time. like you say i will put a note in with my copies of workings that i keep then if they ever check i can explain what i id and why.<BR><BR>thanks0 -
ordinary world vat query. help please
Hi<BR>I did a similar thing last year. Missed out a month of sales in the Vat return. Luckily it was a quiet mont so it was below £2000 & I adjusted it without having to mention it!<BR><BR>Cya0