Commentary

V7.290 Errors and adjustments—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.290 Errors and adjustments—planning points to consider

Part V7 Tax planning | Commentary

V7.290 Errors and adjustments—planning points to consider

The following planning points should be given consideration.

  1.  

    •     It is important to ensure that all adjustments or error corrections made on VAT returns are fully supported by working papers and schedules to prove the figures in the event of a future VAT visit. If a separate notification is made to HMRC, ensure supporting evidence is given where appropriate, particularly in the case of a tax overpayment.

  2.  

    •     There is no need to be concerned about errors on VAT returns (underpayments or overpayments) that go back beyond four years – they are out

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