May 12, 2008
VAT Errors
HMRC have at last increased the ridiculously low threshold at which you have to notify them of a VAT error, currently £2000.
With effect from
This is subject to a maximum of £50,000.
Adjustments exceeding this value must still be made on a VAT 652 (Voluntary Disclosure of Errors) and of course get the adjustment wrong and there are penalties.
Elysian Associates
May 2008