Just submitted this quarters VAT return and within seconds of clicking 'submit' have realised that I've not put through some very minor output VAT on cyclescheme salary sacrifice.
We only have two people in the scheme and the scheme didnt start until mid quarter so it's an insignificant amount - total output VAT of under £30 on a repayment claim of over £40k (R&D business)
Should I be contacting HMRC to disclose this oversight or should I just correct it next month (coincidentally we move to monthly returns next month)?
Replies (2)
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Adjustment on next Return
You are allowed to make an adjustment of up to £10,000 on a VAT Return. That would be the best approach to the adjustment of an error of the scale you refer to.
R & D
Not my area, but my tax colleagues would think me remiss if I didn't mention the massive tax savings possible for R & D expenditure - are you all covered there as well as VAT?