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Post Info TOPIC: Error in VAT return


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Error in VAT return


Newbie here with very basic knowledge of bookkeeping.

I have noticed that in my December VAT return I had a accidentally applied the wrong rate of VAT to a purchase using Xero software. The item was Zero Rated but I applied EC Zero Rated so the value of the goods shows in Box 9 on the VAT return but should have been included in Box 7. Do I need to do anything to rectify this?



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klisterwright wrote:

Newbie here with very basic knowledge of bookkeeping.

I have noticed that in my December VAT return I had a accidentally applied the wrong rate of VAT to a purchase using Xero software. The item was Zero Rated but I applied EC Zero Rated so the value of the goods shows in Box 9 on the VAT return but should have been included in Box 7. Do I need to do anything to rectify this?


To be honest if anyone was to notice which I doubt, I don't think they would actually care so I would just leave as it is



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



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Last Access Mon Feb 8 15:12 2021 A thank you wouldnt go amiss!

Read up on VAT and how to correct.


Such an error might prompt an investigation at some point in the future, if quantum is correct, depending on nature of the business



-- Edited by Maat on Monday 8th of February 2021 05:18:58 PM

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Thanks for your response!



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Newbie

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Maat, what is quantum? I am reading up on VAT and will also be checking with our accountant. Thank you for your responwe.



-- Edited by klisterwright on Monday 8th of February 2021 06:43:44 PM



-- Edited by klisterwright on Monday 8th of February 2021 06:44:18 PM

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