Business News
£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
