Vat Return Mistake - Help Please

[mollie]

Hi I have made a mistake on my VAT return for my LTD company which has resulted in me being sent a rebate. The error is i should have paid £1068 vat but instead i got that amount rebated to me. The return had to be in by end August and i submitted it last week, how can i pay this money back?? do i just amend it on the next vat return,

 

[KM-Tiger]

You are allowed up to £10K of mistake without needing to take action other than correct it on the next return.

Only proviso is don't spend it!

 

[GeorgeM]

Correct the error on your next return.

 

[mollie]

many thanks to you both for you advice.

 

[taxattack]

Hi I have made a mistake on my VAT return for my LTD company which has resulted in me being sent a rebate. The error is i should have paid £1068 vat but instead i got that amount rebated to me. The return had to be in by end August and i submitted it last week, how can i pay this money back?? do i just amend it on the next vat return,

Correct it on your next return, but also write immediately to advise of the error. This will reduce a penalty in the event that HMRC announce a visit to you before the next return goes in. See http://www.hmrc.gov.uk/agents/penalties.htm#3

Chris