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.
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Can any accountants answer a quick VAT question...?
3 replies
cakeaddict · 08/09/2016 12:05
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