VAT Error

Wellgood

I have just realised on my VAT return I have not been including the totals of box 8 & 9 (EU goods sales & purchases) in my overall totals sales and purchases (box 6 & 7)
This does not affect my vat payable/receivable but only the Base figures. How do I go about correcting the historical returns and also is there any penalty/fine for this kind of error - as mentioned above it does not affect VAT paid/claimed

crazyguy

Wellgood wrote: »

I have just realised on my VAT return I have not been including the totals of box 8 & 9 (EU goods sales & purchases) in my overall totals sales and purchases (box 6 & 7)
This does not affect my vat payable/receivable but only the Base figures. How do I go about correcting the historical returns and also is there any penalty/fine for this kind of error - as mentioned above it does not affect VAT paid/claimed

Your best bet is to contact HM Customs and Revenue, once you explain the situation to them then I am pretty sure they will work things out with you as they will allow for mistakes after all your only human.

Dont wait for them to contact you as it could be construid as hiding things.

JasonLVC

Wellgood wrote: »

I have just realised on my VAT return I have not been including the totals of box 8 & 9 (EU goods sales & purchases) in my overall totals sales and purchases (box 6 & 7)
This does not affect my vat payable/receivable but only the Base figures. How do I go about correcting the historical returns and also is there any penalty/fine for this kind of error - as mentioned above it does not affect VAT paid/claimed

I assume you are making sales to EU countries and buying from EU countries?

Are the sales to EU customers....are they VAT registered businesses or are they individual people/members of the public?

Are the purchases from EU countries, are they from businesses or customers. If businesses are the invoices from the EU supplier with or without VAT

How long have you being missing off boxes 8/9 and what sort of values are we looking at here (ie, a few grand or several thousands?)

lglite

And are you using the Flat Rate scheme.

chrismac1

In the current climate I would go nowhere near HMRC with something like this until I was absolutely confident of exactly what figures were involved, exactly when the error dates back to - and most importantly of all, that your statement about the net VAT payable being unaffected was true.

This is an area of VAT where it is easy to make mistakes. Be clear where you stand before contacting HMRC or it could prove costly.

chrismac1

In the current climate I would go nowhere near HMRC with something like this until I:

1. Knew the date of return first affected.
2. Knew the totals involved.
3. Knew for sure there was no VAT outstanding as a result.

Wellgood

Thanks for all your feedback. Much appreciated. I will make sure I understand exactly how far this goes back and the size of the error. I am pretty certain it has not effected Vat payable/receivable as it is just the base boxes where there is the error. Thanks