£10,000 VAT Errors |
| Businesses have long been allowed to correct net errors not exceeding £2,000 in their VAT returns. From the first new VAT period commencing on or after 1 July 2008, HMRC have raised the previous limit of £2,000 to a minimum figure of £10,000.
Errors of more than £10,000 can also be put right on the return for businesses whose turnover for VAT purposes exceeds £1 million. HMRC are in the process of updating their website to reflect this change. Please do get in touch if you have any concerns in this area. Internet Link: HMRC notes on VAT errors
|
