Invoices from previous VAT returns

[Lancashirelass1]

Hi There,

I could do with a bit of help, so thank you for listening. I had a bad breakdown and serious illness last year, various personal and family reasons - but during that period I manage to keep the business afloat and am much better now.

I've just realised that despite me submitting my VAT Returns on time, I've missed some invoices off over a year period (from March 2023). I'm massively panicking now as the VAT value is around £50k. I'm totally prepared and able to pay that VAT due, but do I just uploaded them all onto Quickbooks with the correct dates etc for the next VAT return, and the system will include the old ones and then I can submit, or do i need to go direct to the HMRC?

As I say, I'm prepared and able to make the payment and surcharge but because of the massive wallop that breakdown has had on my mental health, i'm an anxious mess at the moment and worried about what might happen.

Shall I just upload and wait for the return and pay, or is there something else I need to do/or may happen?

Thank you

Julie

 

[Chris Ashdown]

Hi There,

I could do with a bit of help, so thank you for listening. I had a bad breakdown and serious illness last year, various personal and family reasons - but during that period I manage to keep the business afloat and am much better now.

I've just realised that despite me submitting my VAT Returns on time, I've missed some invoices off over a year period (from March 2023). I'm massively panicking now as the VAT value is around £50k. I'm totally prepared and able to pay that VAT due, but do I just uploaded them all onto Quickbooks with the correct dates etc for the next VAT return, and the system will include the old ones and then I can submit, or do i need to go direct to the HMRC?

As I say, I'm prepared and able to make the payment and surcharge but because of the massive wallop that breakdown has had on my mental health, i'm an anxious mess at the moment and worried about what might happen.

Shall I just upload and wait for the return and pay, or is there something else I need to do/or may happen?

Thank you

Julie

It sounds like you don't have a accountant, so What I would do is write a letter to HMRC explaining what has happened plus the details of missing files, and asking for their advice. it may get you a inspection . that way you have proof you notified them if you send it registered post
You may well find a accountant on here giving you a better suggestion

 

[Lancashirelass1]

Hi There. I have an accountant that does my returns but I personally left these vat invoices off the updating I did on QuickBooks. So I’m wanting to know what will happen when I post all of those invoices and they go through on the next return. I’m sorry if I’m not explaining myself very well - I’ve lost a lot of confidence after what happened . I don’t have a very close relationship with my accountant so just felt this was a safer place for me to ask advice. Thank you for your help

 

[numbersrule]

Hi Lancashirelass1

I am sure it will all be OK if you are now transparent and open about what has happened.

See the .Gov link below which includes the following:

'Check if you need to tell us about errors that you’ve made on previous VAT Returns by either:

• updating your VAT Return
• making the correction online
• using the VAT652 form'

Tell HMRC about errors in your VAT Return

Find out if you need to update your VAT Return, make the correction online or use the VAT652 form to notify HMRC about errors.

www.gov.uk

The different options relate to the amounts of VAT involved.

Please clarify your VAT Accounting Method - are you on Standard VAT?

Also, as well as checking out which of the above options should apply to you, you should also go through all your Purchases and make sure you know how much Input VAT you've missed as well.

My main suggestion would be to make friends with your Accountant.

 

[Lancashirelass1]

Thank you so much for your kind response.
I operate Standard VAT and there are no late Purchase invoices, just the invoices I’ve sent to my clients for my services. So where they have paid me (and paid VaT)

Thank you again

 

[WaveJumper]

Sorry to hear you’ve had such a hard time last year, life can throw some real crap our way sometimes, but sounds like you have come out the other side and should be proud of yourself for keeping the business going. Don’t panic over this mistakes happen and you have the funds to pay the Vat.

Good advice from Bookeeper above I would also run this by your accountant and going forward if your not happy with your current one find another who best suits your needs locally to you ‘interview’ several until you find the best fit for you. Get the right one and they worth their weight in gold……..and you sleep better at night.

Wishing you all the very best and do let us now how you get on, you’re not the first (judging by other posts on this topic) and won’t be the last to have slipped up.

 

[MyAccountantOnline]

Hi There. I have an accountant that does my returns but I personally left these vat invoices off the updating I did on QuickBooks. So I’m wanting to know what will happen when I post all of those invoices and they go through on the next return. I’m sorry if I’m not explaining myself very well - I’ve lost a lot of confidence after what happened . I don’t have a very close relationship with my accountant so just felt this was a safer place for me to ask advice. Thank you for your help

Please do speak with your accountant regarding this - it happens, and most accountants will have seen and dealt with this type of scenario many times.

Dont try and struggle through this yourself. It's potentially large amounts involved.