Correcting VAT Return Errors

If you notice you have submitted an incorrect VAT return, you can adjust your next return as long as certain conditions are met. The adjustment must be below the reporting threshold, not a deliberate error and for a period within the last 4 years. You can adjust your next VAT return if the net value … Continue reading Correcting VAT Return Errors

Prevention is better than cure!

Prevention is better than cure! - A saying that can often apply to reducing your tax bill. Taking a proactive approach to your accounts can often be the simplest way to save you tax in a number of ways, for example: Annual Investment Allowance (AIA) The AIA allows you to claim 100% of the cost … Continue reading Prevention is better than cure!

Penalties For Incorrect VAT Returns

The new penalty regime charges penalties determined by culpability. You are expected to take reasonable care by keeping reliable records and checking what you need to do when you don’t understand something. For example, if you are unsure as to whether a supply is zero rated, it is worth ringing the vat helpline for advice.  … Continue reading Penalties For Incorrect VAT Returns