I Made An Error On My Vat Return
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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 vat 652 ended less than 4 years ago You must report any errors that
Vat Error Correction Team
don’t meet these conditions to HM Revenue and Customs (HMRC). Reporting threshold You can adjust your next VAT Return if vat error correction time limits the net value of the errors is £10,000 or less. You can also adjust your next VAT Return if your error amount is up to 1% of your box 6 figure (up vat overpayment refund 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 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
Overpaid Vat
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 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
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Vat Return Box 6
Participating Official Representatives Emily Official Rep Products & Services FreeAgent Adding... + Start by typing a product or service name and we will look it up! Sorry, that product https://www.gov.uk/vat-corrections/adjustments doesn't exist in our system yet. FreeAgent Ask an Expert (finish) Tagged corrections vat vat return + (finish) The mood in here 1001 Help get this topic noticed by sharing it on Twitter, Facebook, or email. I’m anxious Edit Delete céline December 16, 2009 10:25 How to correct an inaccurate VAT Return Edit Subject I've made a bit http://community.freeagent.com/freeagent/topics/how_to_correct_an_inaccurate_vat_return of a mess of my first VAT Return, but not sure how to make the correction in FreeAgent and with HMRC... My FreeAgent start date is 01 Mar 09, which matches the start of my financial year. My VAT registration started on 01 Sep 09. I compiled a manual list of all the purchases prior to 01 Mar 09 on which I was entitled to claim the VAT back and added this to the totals that FreeAgent generated for my first VAT Return. I entered the manually compiled figure as a (negative) opening balance for VAT. So far, so good (I think). However, after submitting the VAT Return, I realised I had made some mistakes in my data entry and my credit card balance didn't reconcile (I have to enter cc transactions manually - there's no statement download function for this account so I can't import the transactions). So, I unlocked the VAT period, corrected all the errors and am now confident that FreeAgent accurately reflects what has happened in my business. Al
More... Forums Forums Quick Links Recent Posts UKBF CONTENT Blogs Blogs Quick Links Blogs Home Page All Blogs Members Members Quick Links Notable Members Registered Members Current Visitors Recent Activity Directory Directory Quick Links Directory Home http://www.ukbusinessforums.co.uk/threads/vat-return-error.174492/ New Listings Marketplace Rules & Help Membership Meet the Team Menu UK Business Forums Home > Forums > Running a business > Accounts & Finance > Dismiss Notice Hey Guest, make sure to follow us on Twitter! Say hi and we'll be sure to follow back! Follow @ukbizforums VAT Return Error Discussion in 'Accounts & Finance' started by mr.a-z, Sep 27, 2010. mr.a-z UKBF Newcomer Free Member Posts: 2 Likes: 0 Hi all, I've noticed vat error that my latest VAT return has an error... I have overstated the box 6 figure - total value of sales and all other outputs... and am wondering how i would go about correcting this. I know I can fill out the form VAT652 to correct errors on returns. As the products I sell are zero rated, I always reclaim VAT; therefore there are no amounts of Vat owing or owed with this error. It vat error correction is just a case of getting the box 6 figure changed so that it is a true reflection. The VAT 652 form doesn't appear to accomodate this, however... Any thoughts? Posted: Sep 27, 2010 By: mr.a-z Member since: Sep 27, 2010 #1 Wild Goose UKBF Newcomer Free Member Posts: 1,340 Likes: 413 I would write to your local VAT office, or Southend, and just ask them to amend the error. Try phoning the VAT helpline to ask which office to write to: Tel 0845 010 9000 If you don't inform them of the error and have it asmended then you've probably put your hand up for a VAT inspection (on the basis that your net VAT outputs doesn't accord with your output VAT figure). LATE EDIT: I just re-read your post and see that you sell all zero-rated products, so a VAT visit won't be on the cards. But I'd phone the helpline anyhow. They might advise you to just adjust for that in your next return - ask for a call reference number to cover yourself. Last edited: Sep 27, 2010 Posted: Sep 27, 2010 By: Wild Goose Member since: Aug 15, 2008 #2 elainec100@cheapaccounting UKBF Newcomer Full Member Posts: 13,271 Likes: 2,881 errors under £10,000 can be corrected on the next vat return Award Winning, most active