VAT Inspection

[Anon678]

I trade on eBay and recently had a letter from HMRC who want to check that we are paying the correct amount of VAT which of course we are. However if they do find something out of kilter and we then find that we do owe additional VAT will they expect this straight away? And if they do and it's more than we can pay in one go will they allow us to pay over a period?

I'm sure we won't have any issues but it's a question I would like to know? Also it would be a genuine error if any additional VAT is owing so would I get fined as well?

Thanks in advance

 

[DavidWH]

We had one recently. Got the accountant to deal with it, we just had to answer a few question about the business in general, and how we deal with things.

Made me laugh, that despite HMRC wanting to 'make tax digital' the inspector wasn't allowed to touch the backup of sage the accountant provided

 

[Anon678]

Yes I've left my accountant to deal with it and supplied what they needed

 

[Mr D]

I trade on eBay and recently had a letter from HMRC who want to check that we are paying the correct amount of VAT which of course we are. However if they do find something out of kilter and we then find that we do owe additional VAT will they expect this straight away? And if they do and it's more than we can pay in one go will they allow us to pay over a period?

I'm sure we won't have any issues but it's a question I would like to know? Also it would be a genuine error if any additional VAT is owing so would I get fined as well?

Thanks in advance

If paying the correct amount of VAT they won't find anything that causes you to have a bill.

 

[lesvatadvice]

Lots of theoretical questions!
If you make a genuine error, any penalty will be low (30% or less - negotiable).
If you do owe money you can negotiate time to pay. They have become more commercial recently about this, which is helpful.