I've (finally) ****ed up doing my own accounts I've (finally) ****ed up doing my own accounts - Page 2
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  1. #11

    Double Godlike!

    ladymuck's Avatar
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    Quote Originally Posted by SimonMac View Post
    Bring cake please
    With a file in it?

  2. #12

    bored now

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    Quote Originally Posted by ladymuck View Post
    With a file in it?
    If he had files he wouldn't have made this mistake.

    If you visit him and forget the cake just tell him you gave it to Mrs SimonMac to bring....
    merely at clientco for the entertainment

  3. #13

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    Quote Originally Posted by SimonMac View Post
    Just about to hit my 10 year anniversary of doing my own books and I've finally made a mistake with my VAT returns, I reckon the value of my cock up is about £7k which is above the reporting threshold to self correct on the next return.

    I have emailed HMRC so will see what happens when they get back to me, from what I have read the penalty is up to 30% so possibly another £2k + interest if I plan for the worse and hope for the best.
    Just correct it on your next VAT return as the reporting threshold is £10k+. How far does the error go back? If it's for an accounting period that ended less than 4 years ago, just do it this way.

  4. #14

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    Quote Originally Posted by Craig@Clarity View Post
    Just correct it on your next VAT return as the reporting threshold is £10k+. How far does the error go back? If it's for an accounting period that ended less than 4 years ago, just do it this way.
    I thought that could only be done if the error was less than 1% of your box 6 figure
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

    ― Marcus Aurelius

  5. #15

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    Quote Originally Posted by SimonMac View Post
    I thought that could only be done if the error was less than 1% of your box 6 figure
    Correct errors on your VAT Returns - GOV.UK

  6. #16

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    Quote Originally Posted by Craig@Clarity View Post
    I read it as the reporting threshold needs to be all three (less than £10K, less than 4 years, and less than 1%) are you saying it's a one or the other "less than 10K and 4 years" or "less than 1%"?
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

    ― Marcus Aurelius

  7. #17

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    Quote Originally Posted by SimonMac View Post
    I read it as the reporting threshold needs to be all three (less than £10K, less than 4 years, and less than 1%) are you saying it's a one or the other "less than 10K and 4 years" or "less than 1%"?
    The three point criteria is less than £10k, not deliberate and less than four years. This then branches out to the reporting thresholds.

    You can use the advised method as it's below £10k OR between £10k-£50k but less than 1%. You use form VAT652 if the error is between £10k-£50k and more than 1% OR the error is more than £50k.

    Have a read of their guidance below, in particular 4.3. Also note about informing them of the adjustment if they penalise you and you want to appeal.

    How to correct VAT errors and make adjustments or claims (VAT Notice 700/45) - GOV.UK

  8. #18

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    Quote Originally Posted by Craig@Clarity View Post
    The three point criteria is less than £10k, not deliberate and less than four years. This then branches out to the reporting thresholds.

    You can use the advised method as it's below £10k OR between £10k-£50k but less than 1%. You use form VAT652 if the error is between £10k-£50k and more than 1% OR the error is more than £50k.

    Have a read of their guidance below, in particular 4.3. Also note about informing them of the adjustment if they penalise you and you want to appeal.

    How to correct VAT errors and make adjustments or claims (VAT Notice 700/45) - GOV.UK
    Perfect, thanks!
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

    ― Marcus Aurelius

  9. #19

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    Just got off the phone with the VAT people and they are happy the mistake was genuine and as I came to them I can correct on my next return no harm no foul
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

    ― Marcus Aurelius

  10. #20

    Double Godlike!

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    Phew! That's a relief

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