made a stupid mistake when I was completing this quarters vat return, I omitted a purchase invoice resulting in our payment being Â£6k more than in should have been, we are a small company so its a big deal. I immediately phoned hmrc but was too late!! really don't know what to do......feel like not going back in, help.
Next quarter's payment will be correspondingly lower, won't it, cos the purchase invoice will be included then? So this will hit cashflow rather than profits. Does the company have healthy enough working capital that it can survive without the #6k for three months?
So it's not your company? Have you told your boss? Something similar happened to us once. You can include it on next quarter's return. The problem is whether the company can cope with being 6k down for the next quarter. How is the cash flow situation?
yes, I work for the company. cash flow should cope okay till the reduced payment next quarter, I'm just so annoyed with myself for the error. boss on holiday until next week so will have to wait until he is back to tell him. thanks for the advice I do feel a bit calmer about the situation now