I've (finally) ****ed up doing my own accounts

[SimonMac]

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.

[eek]

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.

I thought you were using Freeagent? How on earth did you screw up that badly?

[SimonMac]

I thought you were using Freeagent? How on earth did you screw up that badly?

FreeAgent is only as good as the data you put in

[Maslins]

If you discovered the error and are voluntarily highlighting it to them, unlikely to be a penalty at all. Bit different if they spotted it and highlighted to you, as then suggests maybe you never would have corrected it without being "caught", hence less care being taken, and/or possible deliberate fraud.

[SimonMac]

If you discovered the error and are voluntarily highlighting it to them, unlikely to be a penalty at all. Bit different if they spotted it and highlighted to you, as then suggests maybe you never would have corrected it without being "caught", hence less care being taken, and/or possible deliberate fraud.

That is the "planning for the worse and hoping for the best bit"

[Paralytic]

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.

The way I see it, 10 years of doing your own books will have saved you probably close to £10K. So, even if you get the penalty, you're still ahead.

[simes]

The way I see it, 10 years of doing your own books will have saved you probably close to £10K. So, even if you get the penalty, you're still ahead.

To be sure, you're a 'glass half full' guy!

[BlasterBates]

From what I see there is no penalty because you spotted it; just follow the procedure. There seems to be different ones for different amounts:

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

[ladymuck]

I'm sure we'll come and visit you in the clink.

[SimonMac]

I'm sure we'll come and visit you in the clink.

Bring cake please