VATupdate

Share this post on

New Updates on Correcting VAT Errors: Key Changes and Guidance for Businesses

    VAT Notice 700/45 has been updated to provide guidance on correcting VAT errors, including how to amend records, correct returns, and claim refunds for overstated declarations. Key updates include information on correcting errors, consequences of not correcting them, claiming input tax, handling underpayments and overpayments, HMRC’s response time, unjust enrichment rules, the reimbursement scheme, and interest repayment on overpayments. Additionally, HMRC’s guidance on reporting VAT return errors has been updated, specifying that errors of £10,000 or more should be reported using the online service or by adjusting a current VAT return, as form VAT652 is no longer used.

Source: marcusward.co

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.



Sponsors:

Pincvision

Advertisements:

  • Pincvision
  • Basware
  • Exchange Summit