 |
ClearSky Accounting Specialist contractor accounting. No nonsense fixed fee service from £95/month. Find out more. |
VAT return errors - what should contractors do?
Posted Aug 23, 2010
What should contractors do if they have made an error on a previously submitted VAT return?
Although most contractors can resolve any VAT errors via their accountants, HMRC points out that it is always best to correct errors yourself - there is a 6 to 8 week delays processing corrections, and if you are due a repayment as a result of a mistake, funds will be returned to your account quicker.
In line with the new HMRC penalties regime from 1st April 2009, businesses who have been careless or have deliberately miscalculated their VAT liabilities may well be charged a penalty plus interest.
However, for non-careless errors and for understating liabilities below certain thresholds, no action is likely to be taken - "people do make mistakes, and HMRC does not expect perfection!"
You can find out what to do via HMRC's advice pages on correcting past VAT errors.
Contractor Services
- Professional Indemnity Insurance - Essential cover from Hiscox
- The fair umbrella company - take home more pay with paraplus
- InTouch Contractor Accounting - specialist online service & great advice
- Parasol - the UK's favourite umbrella company
- Contract Experts - ClearSky Accounting on 08000 325 326
- Helix Management Ltd - Up to 90% retention. Same day payments.
- Umbrella Company - 12,000 contractors can't be wrong!
- Together we're stronger! - Join PCG, representing contractors
- Cloud 9 Group - Umbrella Solutions only £27.50 per week
- Qdos - IR35 experts - Providers of low cost contractor insurance
- K & B Accountancy Group - Fixed fee contractor accounting only £75pm
- Free IR35 & Tax Review - Call ICS on 0800 195 3750
- Contractor Mortgages - the best deals, based on your contract rate alone!
Related Articles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
