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  1. #1
    jcs356's Avatar
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    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 Ł6.5k.

    Fortunately it doesn't look like I'll be fined or have to pay interest as the sum is less than Ł10k, but I'm annoyed all the same. Grrr!!!!
    Jason
    2001 Nogaro S3 (daily driver)

    1958 replica Porsche 356 Speedster (summer posing)
    1997 Seat Cordoba SX 16v (track day toy) replacing (t)rusty 1994 Seat Ibiza GTi RIP

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  3. #2
    CHRIS555's Avatar
    DOPE with added OCD

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

  4. #3
    jojo's Avatar
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    Quote Originally Posted by CHRIS555 View Post
    Happy Christmas..........
    Sorry Jase, but this made me laff!


    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh!



  5. #4
    jojo's Avatar
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    Quote Originally Posted by jcs356 View Post
    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 Ł6.5k.

    Fortunately it doesn't look like I'll be fined or have to pay interest as the sum is less than Ł10k, 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.


    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh!



  6. #5
    jcs356's Avatar
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    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!
    Jason
    2001 Nogaro S3 (daily driver)

    1958 replica Porsche 356 Speedster (summer posing)
    1997 Seat Cordoba SX 16v (track day toy) replacing (t)rusty 1994 Seat Ibiza GTi RIP

  7. #6
    CHRIS555's Avatar
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    It's a minefield to be fair, i recently had an episode where my cooperation tax came in Ł6k 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.......

  8. #7
    jcs356's Avatar
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    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.

  9. #8
    6th Gear

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    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!

 

 

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