May 2019 Questions and Answers

2019-09-02T11:22:43+01:00May 22nd, 2019|Categories: Questions & Answers|Tags: , , , , |

Q. I have realised that I made a mistake on my most recent VAT return. What do I need to do to put things right? A. You can make adjustments to correct errors on past returns if the error: - was below the reporting threshold (broadly, less than £10,000, or up to 1% of your box 6 figure (up to a maximum of £50,000); - was not deliberate; and - relates to an accounting period that ended less than 4 years ago. When you submit your next return, add the net value to box 1 for tax due to HMRC, [...]