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NEIL WARREN considers some of the practical issues of the increased error notification limits that apply from 1 July 2008
KEY POINTS
- The responsibility to deal with VAT errors.
- The new terminology.
- Increased de minimis limits.
- Will HMRC assess errors awaiting disclosure?
- Avoiding interest charges.
The first of July 2008 was a big date in the VAT calendar! A long-overdue increase in the voluntary disclosure limits took effect (now known as error notifications) — the previous limit of £2 000 having survived for nearly 20 years.
In this article I will consider the practical effects of the new limits and also confirm HMRC's policy on dealing with errors advised to a visiting officer before the errors have been declared on a VAT return — there is positive news to report on this issue.
Voluntary disclosures and errors
Going back to basics a business has a responsibility to deal with...
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