Limit raised for correction of VAT errors
Posted by AccountingWEB in Tax on Tue, 01/07/2008 - 20:50
The current £2,000 limit below which a trader can correct his own VAT errors is to be replaced for VAT accounting periods commencing on or after 1 July 2008.
For new VAT periods, errors of £10,000 can be corrected on the VAT return, and errors of more than this amount can also be put right on the return for businesses with turnover for VAT purposes of more than £1 million (found by multiplying box 6 on the return on which the correction is to be made by four for quarterly returns, and 12 for monthly returns).
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