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

[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!!!!

 

[CHRIS555]

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

 

[jojo]

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

Sorry Jase, but this made me laff!

 

[jojo]

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.

 

[jcs356]

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!

 

[CHRIS555]

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.......

 

[jcs356]

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.

 

[murran]

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!