Hi
I have been contracting for many years and have had an accountant all that time - I let them worry about the VAT and Corp Tax.
Turns out that when I had a change of accountant 3 years ago who advised I had underpaid VAT so needed to make an additional payment of £4,300 odd, two years later it appears that was incorrect- I had only underpaid by £1,200.
So, I have now gone perms and so can't get the money back by subtracting from a quarterly VAT return.
I spoke to my accountant and they suggested to leave it as my company was closing and a reclaim on the FRS would raise a flag - I was interested what others thought, I get what he is saying but also that it is a lot of ££ to be saying goodbye to and can't help but feel like the accountant is wanting to 'hide' there errors.
I have been contracting for many years and have had an accountant all that time - I let them worry about the VAT and Corp Tax.
Turns out that when I had a change of accountant 3 years ago who advised I had underpaid VAT so needed to make an additional payment of £4,300 odd, two years later it appears that was incorrect- I had only underpaid by £1,200.
So, I have now gone perms and so can't get the money back by subtracting from a quarterly VAT return.
I spoke to my accountant and they suggested to leave it as my company was closing and a reclaim on the FRS would raise a flag - I was interested what others thought, I get what he is saying but also that it is a lot of ££ to be saying goodbye to and can't help but feel like the accountant is wanting to 'hide' there errors.
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