Flat rate scheme - bank interest

[Weltchy]

Would it be easier to file an amendment to a previous years VAT Return using Form 462 - Voluntary Disclosure of Errors on VAT Returns or just include the annual interest which wasnt accounted for on the next VAT Return?

[ASB]

Would it be easier to file an amendment to a previous years VAT Return using Form 462 - Voluntary Disclosure of Errors on VAT Returns or just include the annual interest which wasnt accounted for on the next VAT Return?

I think you can self correct on the next one up to 2k anyway.

[Moscow Mule]

I think you can self correct on the next one up to 2k anyway.

You certainly can.

Not positively sure if 2k is accurate, but I've no reason to doubt...

[AlanR]

VAT Error Threshold

Error reporting threshold is now £10k Linky. So any underpayment under this threshold you simply add to your next return.

[Bluebird]

Wjat happens if in a VAT accounting period you've had Credit and Debit interest - can you net one off against the other?

Also If you've ONLY had debit interest - do you deduct this from your turnover figure ?

Afterall, all your doing is having negative values in your calculation...

[PhilAtBFCA]

Wjat happens if in a VAT accounting period you've had Credit and Debit interest - can you net one off against the other?

Also If you've ONLY had debit interest - do you deduct this from your turnover figure ?

Afterall, all your doing is having negative values in your calculation...

Hi Bluebird

The fact that you have paid interest to one party and earned interest from the same or another party makes no difference. Each is a separate "supply" for vat purposes.

Phil