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Can any accountants answer a quick VAT question...?

(4 Posts)
cakeaddict Thu 08-Sep-16 12:05:22

I'm having difficulties with my first VAT return.

I use Xero so my accounts are all up to date and it should be straightforward. I can pull off the figures I need from the accounting system - and I'm 95% certain that I know what I'm doing. However, because it's the first return I know I can claim back VAT for the previous 6 months before registration.

My question is - if I mess up and get this wrong (basically, if I over-claim on my expenses) - is it something that an accountant could correct without penalty on the next return, or am I going to get myself into all sorts of trouble with HMRC?

I'm only dealing with hundreds rather than £000's. It's my first VAT return, I'm on cash accounting system, and due to the dates the invoices were paid I don't actually need to pay anything back to HMRC this quarter.

Sammysquiz Fri 09-Sep-16 14:25:45

Yes, you can correct errors, as long as they were not due to carelessness or made deliberately. There's some info about it here.

cakeaddict Fri 09-Sep-16 21:17:43

Thanks Sammy - I got it sorted in the end and decided to err on the side of caution in what I claimed back, until I get a new accountant.

Ta1kinPeace Tue 13-Sep-16 21:38:33

PS
the limit for VAT on assets still in use by the business is 4 years
www.gov.uk/vat-registration/purchases-made-before-registration

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