Thread: I've messed up my company VAT returns for the last 2.5 years!

Entirely my fault but just discovered I've been calculating my companies flat rate vat wrong for the past 2.5 years - all the time I've been vat registered. I've therefore underpaid HMRC to the tune of £6.5k.

Fortunately it doesn't look like I'll be fined or have to pay interest as the sum is less than £10k, but I'm annoyed all the same. Grrr!!!!

Happy Christmas..........

Originally Posted by CHRIS555

Happy Christmas..........

Sorry Jase, but this made me laff!

Originally Posted by jcs356

Entirely my fault but just discovered I've been calculating my companies flat rate vat wrong for the past 2.5 years - all the time I've been vat registered. I've therefore underpaid HMRC to the tune of £6.5k.

Fortunately it doesn't look like I'll be fined or have to pay interest as the sum is less than £10k, but I'm annoyed all the same. Grrr!!!!

I pay a flat rate too mate, where I don't claim anything back vat related due to under a certain figure of turnover. I managed to get a vat rebait thought.

No worries Joe. It's entirely my fault as I do all my own vat. Just really, really annoyed as I'm normally pretty good with numbers. Sigh!

It's a minefield to be fair, i recently had an episode where my cooperation tax came in £6k more than i thought it would be!

And to top it off we now have the Jan changes, 20%, cheers Conservatives - glad Cleggy kept his promise.......

I know what you mean - I have an accountant to do my annual accounts (I do all the rest - vat (badly!), PAYE etc) and every year I can't understand where he gets some of his numbers from. Ultimately he's the expert so if it looks about right and the numbers roughly match my guesstimate - I sign the paperwork and pay HMRC.

our lass is 2-3 years into doing her accounts quailfication/degree....... she currently does payroll and book keeping stuff for an accounts firm but is going into the accounts side...... its alot to learn!