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Are HMRC taking too long to process VAT error correction forms?
KEY POINTS
- If an erroneous VAT return has been submitted to HMRC the error correction procedures must be followed.
- HMRC are taking much longer than the stated one month to process error correction forms.
- By the end of 2015 the department expects 95% of error corrections to be dealt within 15 days.
- Errors of less than the £10 000 disclosure limit can also be dealt with by a form VAT652 which may be quicker than adjusting the next return.
- The 5% repayment supplement on delayed repayments applies to VAT returns only not refunds arising from VAT652 forms.
Imagine the following situation: it is 7 December 2015 and our intrepid taxpayer is online completing their VAT return for the quarter ended 31 October. The tax is payable...
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