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Correcting Vat Return Error

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adjust your current VAT account to correct errors on past returns if they’re: below the reporting threshold not deliberate for an accounting period that ended less than 4 years ago You must report any errors that vat error correction form don’t meet these conditions to HM Revenue and Customs (HMRC). Reporting threshold You can adjust vat error correction team your next VAT Return if the net value of the errors is £10,000 or less. You can also adjust your next VAT Return vat error correction time limits if your error amount is up to 1% of your box 6 figure (up to a maximum of £50,000). You must report the error to HMRC if it’s above the reporting threshold. Calculate the net value To work out

Vat Notice 700/45

the net value of the errors: add up the additional tax due to HMRC subtract the tax you’re due You must report deliberate errors separately - you can’t include them in this calculation. How to make the adjustment When you submit your next return, add the net value to box 1 for tax due to HMRC, or to box 4 for tax due to you. You must: keep details about the inaccuracy - eg the date it vat overpayment refund was discovered, how it happened, the amount of VAT involved include the value of the inaccuracy in your VAT account HMRC has detailed guidance on correcting your VAT Return. Contact the VAT Error Correction Team if you need help making corrections. HMRC may charge you penalties and interest if an error is due to careless or dishonest behaviour. You should tell HMRC about careless errors separately in writing, as well as adjusting your current VAT Return. This may lead to a reduction in the penalty. Next Errors you must report Print entire guide Last updated: 23 September 2016 VAT Log in to use VAT online services Pay your VAT bill VAT Returns VAT repayments VAT record keeping More in VAT Return to top ↑ Help us improve GOV.UK Don’t include personal or financial information, eg your National Insurance number or credit card details. What you were doing What went wrong Send Services and information Benefits Births, deaths, marriages and care Business and self-employed Childcare and parenting Citizenship and living in the UK Crime, justice and the law Disabled people Driving and transport Education and learning Employing people Environment and countryside Housing and local services Money and tax Passports, travel and living abroad Visas and immigration Working, jobs and pensions Departments and policy How government works Departments Worldwide Policies Publications Announcements Support links Help Cookies Contact Terms and conditions

adjustments or claims Updated 23 July 2015 Contents Foreword 1. Introduction 2. Errors found in records 3. Errors on invoices 4. Correcting VAT errors overpaid vat on a return already submitted 5. How to claim a refund 6.

How To Correct Vat Errors And Make Adjustments

What if I haven’t claimed enough input tax on previous returns 7. Correction of errors under paragraph 4.4 8.

Incorrect Vat Return Submitted

What to do if you disagree with a decision or ruling 9. Unjust enrichment and the reimbursement scheme 10. Undertaking for the reimbursement scheme Your rights and obligations Do you have https://www.gov.uk/vat-corrections/adjustments any comments or suggestions? Putting things right How we use your information Foreword This notice cancels and replaces Notice 700/45 (July 2015). 1. Introduction 1.1 What is this notice about? This notice explains how to: amend your VAT records if you discover they contain errors correct errors you discover on VAT returns you’ve already sent to us claim a refund if you’ve overpaid https://www.gov.uk/government/publications/vat-notice-70045-how-to-correct-vat-errors-and-make-adjustments-or-claims/vat-notice-70045-how-to-correct-vat-errors-and-make-adjustments-or-claims VAT, or not claimed enough credit on a return complete your VAT returns or make a claim if you disagree either with our decision on the VAT treatment of a supply complete your VAT returns where our practices in relation to VAT are being challenged in the Court If you find an error in accounting for VAT that is not covered by this notice, you should contact the VAT Helpline on Telephone: 0300 200 3700. 1.2 What help can you give me in getting my VAT returns right first time? VAT errors can prove costly to you and to us. Failure to correct errors can result in a penalty and interest. For more on this see section 4. Reading this notice can help you avoid errors. This notice explains how you can correct them if they do occur. 2. Errors found in records 2.1 What if I find errors in my VAT records? Where you find that your VAT records contain errors, you will need to correct them. Paragraph 2.2 explains how you can do that. This guidance only applies to declarations of UK VAT and doesn’

Search Contracting General Business / Contracts Accounting / Legal Umbrella Companies HMRC Scheme Enquiries The Future of Contracting Technical Welcome / FAQs Social Light Relief Social / Events Forum Contracting Accounting / Legal Correcting VAT return error + Reply http://forums.contractoruk.com/accounting-legal/79549-correcting-vat-return-error.html to Thread Posts 1 to 7 of 7 Thread: Correcting VAT return error LinkBack LinkBack URL About LinkBacks Bookmark & Share Digg this Thread!Add Thread to del.icio.usBookmark in Technorati Thread Tools Show Printable Version Email this Page… http://www.accountingweb.co.uk/any-answers/how-best-to-adjust-for-error-on-flat-rate-vat-return Subscribe to this Thread… Search Thread Advanced Search Display Linear Mode Switch to Hybrid Mode Switch to Threaded Mode 18th June 201211:10 #1 Contreras Contractor Among Contractors Join Date Dec 2011 Posts 1,483 Thanks (Given) 189 Thanks vat error (Received) 49 Likes (Given) 437 Likes (Received) 184 Correcting VAT return error I have discovered an error in my VAT return submitted (and paid) for the period just gone. Payment isn't actually due until next month. Unfortunately I neglected to account for invoices with VAT content totalling about £1700, but there is also some bad debt to be claimed on an old invoice with VAT content about £200, so overall MyCo has benefited from £1500 VAT vat error correction underpayment. My understanding is that due to the amount involved it can be corrected on the next period VAT return without needing to inform HMRC of the error. Basically it's legal to fly this one in under the radar. However I feel uncomfortable about the potential for a later VAT inspection to claim MyCo benefited through some 'careless' bookkeeping. So my question is, can I (should I) make a further payment on account to HMRC for the ~£1500 now before the due deadline? This being on the basis that even though the error might be due to carelessness on my part, there is no financial benefit and therefore no penalty or interest due. On the other hand I am wondering since it would look like an overpayment whether this itself will flag up on HMRC's radar for a closer inspection? Reply With Quote 18th June 201211:13 #2 Greg@CapitalCity More time posting than coding Join Date Jun 2011 Location London, UK Posts 452 Thanks (Given) 0 Thanks (Received) 0 Likes (Given) 0 Likes (Received) 0 My suggestion would be to clean the underpayment up with the next VAT return, and don't make a payment on account (doing so would just confuse the HMRC in my opinion). 2012 CUK Reader Awards - '...Capital City Accountancy, all of whom were outside the top three yet still won comp

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