Vat mistake.....already submitted


J

John Edwards

just made a vat return to find out that i have made a mistake .....

claimed a return on a product ...first time we have claimed for it
.........that is sold to us with no vat..........but we have to charge
vat on it

I so the vat...got 50%...of the vat due

how do i resolve this without getting shot
 
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M

Martin

John Edwards said:
just made a vat return to find out that i have made a mistake .....

claimed a return on a product ...first time we have claimed for it
........that is sold to us with no vat..........but we have to charge
vat on it

I so the vat...got 50%...of the vat due

how do i resolve this without getting shot
It's a hopeless case. Re-check your last will and thingamabob, then lie
down and wait for the bullets!

(or, as a last resort, reverse the wrong entries on your next qtrly return
and add the correct ones - but by then it may all be too late ;-) )

I assume the VAT in error didn't exceed £2k?!

Good luck - and don't panic. They're only civil servants, after all!
 
M

Mick Miller

It's a hopeless case. Re-check your last will and thingamabob, then lie
down and wait for the bullets!

(or, as a last resort, reverse the wrong entries on your next qtrly return
and add the correct ones - but by then it may all be too late ;-) )

I assume the VAT in error didn't exceed £2k?!

Good luck - and don't panic. They're only civil servants, after all!
it did ,,,,4.5k ...........now i am panicing! .........:)
 
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B

BT

Mick Miller said:
it did ,,,,4.5k ...........now i am panicing! .........:)
You probably need to make a voluntary disclosure.

Is the mistake in the input tax side or the output tax side? i.e.
does the mistake affect box 3 or box 4?

If it is on the input tax side, you can safely wait to make the
correction on your next VAT return. If it is in the output tax
side, you need to make a voluntary disclosure. There's a notice
about this on the Customs & Excise website
http://www.hmce.gov.uk/forms/notices/700-45.htm. There's also a
form but I recommend that you do it in a letter. You send the
letter to your local VAT office, not Southend. You may be
charged some interest on the amount due.

--
Robert Killington
visit www.vatark.co.uk
for help with VAT

To e-mail me please do so via my website.
 

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