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

Discussion in 'Rants & Raves' started by jcs356, Nov 22, 2010.

  1. jcs356
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    jcs356 Brum brum

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    [Nov 22, 2010]
    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:
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  3. CHRIS555
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    CHRIS555 DOPE with added OCD

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  4. jojo
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    jojo Looking for Boost! Staff Member Moderator

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    [Nov 22, 2010]
    Sorry Jase, but this made me laff! :laugh:
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  5. jojo
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    jojo Looking for Boost! Staff Member Moderator

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    [Nov 22, 2010]
    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.
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  6. jcs356
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    jcs356 Brum brum

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    [Nov 22, 2010]
    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!
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  7. CHRIS555
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    CHRIS555 DOPE with added OCD

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    [Nov 23, 2010]
    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.......
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  8. jcs356
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    jcs356 Brum brum

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    [Nov 23, 2010]
    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.
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  9. murran
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    murran Active Member

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    [Nov 23, 2010]
    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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