Underpayment of VAT in 2009

[Greg Longshaft]

Hi,

While cross referencing my VAT payments I found a discrepancy of £10.02 for my 2009 VAT payments

I understand I can complete a VAT 652 form and declare it to the VAT man, does this need to be done for such a small amount or would you pay the extra £10 on the next return and file notes conc. this underpayment.

greg.

[Clare@InTouch]

An error under £10,000 can be simply adjusted on your next VAT return, there's no need to submit a notice to HMRC.

[Greg Longshaft]

thanks clare,

i take it i would have to keep a record of the error?

[TykeMerc]

An error under £10,000 can be simply adjusted on your next VAT return, there's no need to submit a notice to HMRC.

That's the advice I had from HMRC when I found a £100 cockup on one of my returns a year or so back. You can call the VAT helpline to confirm, but since an accountant has stated the rule as well I'd be comfortable just adjusting on your next return and noting it in your books as a correction.

[Clare@InTouch]

thanks clare,

i take it i would have to keep a record of the error?

Just note your records to show why it happened. In all honesty if everything else is OK then they are unlikely to worry about it as it's such small value.