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Business News - August 2008
£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.
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