Commentary

V3.519A Correction of tax erroneously charged

Part V3 Supplies, acquisitions and imports

V3.519A Correction of tax erroneously charged

V3.519A Correction of tax erroneously charged

As described in V3.506, where a person has made an over/underdeclaration of output tax, he may (subject to certain conditions) correct that error by an adjustment to the VAT return covering the VAT accounting period in which the error was discovered. Such adjustments must be made within four years of the end of the VAT accounting period in which the error occurred (SI 1995/2518 reg 34). On the other hand, where there is an increase or decrease in the consideration for a supply, any adjustment must be made under SI 1995/2518 reg 38, as

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