As professional accountants, our team do everything they can to help clients. While we offer many services, we are the foremost establishment working in VAT returns Stoke Newington has. Therefore, if you’re having difficulties with this subject, you should make us your first choice.
It’s easy to make a mistake on your VAT return. For example you could have added figures up incorrectly. It’s also possible that something is missing. However, you shouldn’t panic if you do happen to make an error in a return. Putting things right usually isn’t challenging. In many cases you don’t need to inform HMRC about the mistakes. This is as long as they meet specific conditions. When you do you’re free to rectify errors by altering your next VAT return.
Anyone who’s worried about making mistakes will likely want to know what the adjustment conditions are. Allow us to tell you.
The errors must relate to an accounting period that concluded less than four years before. If the mistake is older than that you can’t revisit it.
Your errors can’t be deliberate either. If HMRC sees that you have a made a mistake on purpose they won’t let you change it. This is evidence they may use to penalise you.
The reporting threshold
Next, let’s get into more detail about the reporting threshold. You can correct errors that don’t exceed £10,000 by modifying your next return. You’re able to adjust mistakes that go over £10,000 all the way to £50,000 too. This is if the error doesn’t surpass 1% of the box 6 figure. Said figure is the entire value of sales and every other output, minus VAT.
If any errors pass the reporting threshold, then you must contact HMRC.
At Brian G Lonis & Co, we provide some of the most efficient services for VAT returns Stoke Newington clients can ask for. We can assist you with registration, reconciliation, and control. Our team also aid you with various other areas, including bookkeeping and forecasting.
If you’d like to know more, you’re welcome to contact us anytime. We urge you to react quickly if you notice any errors; that way it is easier to resolve them.