| HM Revenue & Customs (HMRC)
has issued new guidance on correcting VAT
errors. HMRC says it has found that many
mistakes reported to its Error Correction
Team could have been corrected by
customers and that as there is currently a
six to eight-week delay in processing
corrections, it makes sense for customers
to correct errors themselves if possible.
The guidance, contained in a notice
issued in July, cancels and replaces
Notice 700/45 dating from July 2009 and
includes advice on how to:
- amend VAT records if errors are
discovered
- correct errors discovered on VAT
returns already sent to HMRC
- claim a refund if VAT has been
overpaid or not enough credit has been
claimed on a return
- complete VAT returns or make a claim
if there is disagreement with an HMRC
decision on the VAT treatment of a
supply.
LINKS:
Correcting VAT errors
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