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

jcs356 Nov 22, 2010

  1. jcs356

    jcs356 Brum brum

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    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!!!! :keule:
     
  2. CHRIS555

    CHRIS555 DOPE with added OCD

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  3. jojo

    jojo Looking for Boost! Staff Member Moderator Team Daytona Audi S3 quattro Audi A6 Audi Avant Owner Group

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    Sorry Jase, but this made me laff! :laugh:
     
  4. jojo

    jojo Looking for Boost! Staff Member Moderator Team Daytona Audi S3 quattro Audi A6 Audi Avant Owner Group

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    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.
     
  5. jcs356

    jcs356 Brum brum

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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!
     
  6. CHRIS555

    CHRIS555 DOPE with added OCD

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    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.......
     
  7. jcs356

    jcs356 Brum brum

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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.
     
  8. murran

    murran Well-Known Member

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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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