Dealing with VAT errors

Dealing with VAT errors is a priority, otherwise they can prove costly to your business. There is the chance you are paying too much VAT, out of your own pocket or you are declaring too little, in which case HMRC will want to recover this money from you.

Failure to correct errors can result in a penalty and interest.

VAT errors

Fixing VAT Mistakes

In the event that you have made a mistake on your VAT return, there are steps you can take to fix it:

  1. Identify the error: Review your VAT return and the detailed reports and identify where the mistake was made.
  2. Correct the error: Once you have identified the error, you need to correct it. The way you correct the error will depend on the value of the error. The error may simply be declared on your next VAT return, or you may have to make a separate notification to HMRC.
  3. Keep accurate records: Ensure that you keep accurate records of any adjustments you make to your VAT return and any correspondence with HMRC.

Advice for Dealing with VAT Errors

It’s important to note that if you make errors on your VAT returns regularly, it is worth seeking advice from us to ensure that you are meeting your VAT obligations correctly.

At Shaw Austin Chartered Accountants we have a team of specialists at our office in Chester. We work with the latest technology allowing us to assist with your VAT return. We are able to process all of your accounting records for you and calculate your VAT returns on your behalf, so that you can concentrate on your business without the need to worry.

If you manage your own accounting records in house we are also able to give ongoing advice on specific transactions and how best to process your information. We are specialists in using technology such as Dext, QuickBooks, FreeAgent, Xero and Sage.

Shaw Austin are a firm of Chartered Accountants based in Chester supporting independent business throughout the UK. We take the headache out of business accounting and taxation by providing our clients with a personal service.

Our offices are based in Chester. However, we support clients throughout the region from Wrexham to Wirral, Cheshire to Conwy and Criccieth to Warrington. Contact us today.

This is a general article to assist readers. Professional advice should always be taken in respect of your personal circumstances.

Published September 2023.

Dealing with VAT errors