Disclosing VAT errors

Disclosing VAT errors

Where an error on a past VAT return is uncovered, you have a duty to correct the error as soon as possible. As a general rule, you can use your current VAT return to make any necessary adjustment. However, there are three important conditions that

When VAT should not be charged

When VAT should not be charged

When a VAT registered business issues an invoice to their customer, they must seek to ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different VAT rates

VAT Standard Retail Schemes

VAT Standard Retail Schemes

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are usually used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT