This month's exclusive Accountancy Daily CPD module explains in depth the two ways in which the under or overpayment of VAT should be corrected, as well as how to properly notify HMRC
If an adjustment is required, but the previous VAT return was completed correctly this is not an ‘error’. Only errors are subject to 'error' correction procedures.
This module gives you the full list of both errors and adjustments, so it is clear how to go about making a VAT correction. It also explains the two methods to use when submitting a VAT correction:
- Method 1- correct error via a VAT return
- Method 2- separately disclose error to HMRC
By completing this module on error correction will enable you to:
- understand what is and is not an error on a VAT return;
- understand when method 1 should be used to correct an error by correcting a future VAT return;
- understand when method 2 should be used to correct errors by making a separate disclosure to HMRC; and
- know when interest and/or penalties may be charged when errors are made.
This CPD module takes 20 minutes to complete and is followed by a short quiz to ensure thorough learning. There are also detailed course notes to ensure a full learning experience. Any CPD learning is also automatically added to Your CPD Tracker.
The CPD course lecturer is Sarah Kay, tax writer at Croner-i.
Play the CPD module here
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