If so, there was a change that was hidden away in the Budget that's actually quite useful.
For the last 10 years at least, if you realise you've made a mistake on your VAT return, then you've been able to just correct it on your next return, as long as the error was of £2,000 or less. Any more than that and you have to fill in a special form.
Now, that threshold has been increased to £10,000, (or 1% of turnover, up to a maximum of £50,000, if that's greater - but if your turnover is less than £1million then £10,000 is the right figure) which means that many more errors can just be amended on the next return without jumping through hoops.
Comments