A salutary tale for the new business…

Remember to check your turnover every month if you are close to the VAT registration limit... Why? I had a phone call yesterday from a tax adviser. They had a client who had gone over the registration limit, albeit briefly, three years ago. The client decided to take no action as they expected their turnover to fall below the registration limit … [Read more...]

Correcting errors and the new penalties – how they interact

I’ve been looking at the new rules that came into affect concerning the correction of errors made on past VAT returns. Under the new rules you can correct an error made on past VAT returns provided the net error is not more than £10,000. The rules are a little more complex than that because they allow businesses with a turnover of more than … [Read more...]

New penalty régime

HMRC have released Revenue & Customs Brief 19/08 on the New penalties that apply to returns submitted for tax periods starting on or after 1 April 2008 and due to be submitted after 31 March 2009. The new rules apply to several of the taxes that HMRC administer including VAT. The new penalty régime will be applied when a person (HMRC's term that … [Read more...]

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